The Right to Cancel an Escrow Account

As part of your mortgage, you may have an escrow account with your lender. An escrow account increases your monthly mortgage payments, but it is typically the lender's decision whether or not the account can be closed.

A mortgage escrow account holds funds that a lender uses to pay your home insurance and property taxes. Each month, your lender deposits a portion of your mortgage payment into the escrow account. When property taxes and insurance come due, the lender pays the bills using money from the escrow account. Most lenders calculate the amount of money you must pay toward escrow each year based on your estimated taxes and insurance.

The Real Estate Settlement Procedures Act, or RESPA, first passed in 1974, restricts some aspects of mortgage escrow accounts. Under RESPA, lenders cannot maintain a cushion in your account that exceeds two months of escrow payments. If your account balance exceeds this amount at your account's lowest point during the year, the lender must refund the difference to you. However, RESPA does not require lenders to maintain escrow accounts for borrowers, nor does it prevent them from doing so.

Lenders can typically require you to keep a mortgage escrow account, regardless of the status of your loan. Some lenders may allow you to cancel your escrow account after your loan-to-value ratio -- the ratio of the amount of your loan to the value of the property securing it -- falls below 80 percent. If your loan-to-value ratio is below 80 percent at closing, some lenders may allow you to waive the escrow account altogether.

Lenders who allow you to waive your option of an escrow account at the mortgage closing may charge you a one-time fee. If your lender holds an escrow account and fails to pay your taxes or insurance on time, it is typically responsible for late fees as long as the funds in the account were sufficient at the time the bills were due. However, if a lender allows you to waive or cancel your escrow account, you are responsible for making your home insurance and property tax payments on time.

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