What is an initial escrow deposit?
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An initial escrow deposit is the amount that you will pay at closing to start your escrow account, if required by your lender.
This initial amount may be different from what you pay monthly to maintain the escrow account. This initial amount is listed in section G on page 2 of your Loan Estimate. This amount may change between your Loan Estimate and the time you receive your Closing Disclosure.
Note: You will not receive a Loan Estimate or Closing Disclosure if you are shopping for:
- A reverse mortgage
- A home equity line of credit (HELOC)
- A manufactured housing or mobile home loan not secured by real estate
- A subordinate loan through certain types of homebuyer assistance programs
For these kinds of loans, you should receive Truth-in-Lending disclosures. If you are shopping for a reverse mortgage, you will also receive a Good Faith Estimate (GFE) and a HUD-1 or HUD-1A Settlement Statement. The initial escrow amount will be listed in Block 9 of your Good Faith Estimate (GFE) and in Line 1001 on Page 2 of your HUD-1 or on Page 1 of a HUD-1A settlement statements, and may change between your GFE and closing.