If you own a home in Kansas, you must typically pay property taxes and home insurance on the property. However, if you have a mortgage on your home, your lender may require you to make your property tax and insurance payments through a mortgage escrow account the lender holds.
About Escrow Accounts
If your lender holds a mortgage escrow account for you in any state, your monthly payment to your lender includes both a mortgage payment and an escrow payment. To calculate the payment you must make into escrow each month, your lender divides your total tax and insurance liability for the year by 12. Your lender deposits the escrow payment into the account each month, and when your property tax and home insurance payments are due, your lender uses the money in your escrow account to pay the bills on your behalf.
Opening an Escrow Account
If your lender requires you to have an escrow account in Kansas, he will typically require you to make a payment at the closing of your loan to start the account. The lender calculates this first payment by determining what you would have paid into the account if you had been making payments since your last tax and insurance bills were due. At closing, you will learn what your escrow payment will be for the rest of the year.
Escrow Cushion
Escrow accounts in all states, including Kansas, are subject to the provisions in the Real Estate Settlement Procedures Act. Under RESPA, mortgage lenders are able to keep a cushion in your escrow account to prevent an overdraft from occurring if your tax or insurance liability changes. However, this cushion can't be more than two months' escrow payments. If your cushion exceeds this amount when your account is at its lowest point, the lender must refund the excess money to you.
Closing an Escrow Account
When you refinance your loan or pay it off, the lender will close your escrow account. He also may close your escrow account if he agrees to allow you to make your own home insurance and property tax payments. When the lender closes your mortgage escrow account, he must refund the money remaining in the account to you. Under RESPA, he can't keep the money or apply it to the balance of your loan.
Kansas
Kansas follows the regulations detailed in RESPA and doesn't place any additional limits on escrow accounts. If your lender holds an escrow account for you in Kansas, your property tax payments may become due either once or twice each year, depending on your county of residence. However, federal law requires mortgage companies to make payments twice each year, so your lender will make payments in May and December, regardless of when he receives the bill.
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