By Tres Miller · Mortgage Banker · NMLS #217768
Reviewed June 22, 2026 · 31+ years lending in Utah
Quick Answer
An escrow account is a lender-held account that collects property taxes and insurance premiums monthly with your mortgage payment, then pays them when due. Annual analyses can produce shortages or refunds.
Overview
Escrow protects the lender's interest in your home by ensuring taxes and insurance are paid on time.
Most Utah loans escrow taxes and insurance by default. Some borrowers can waive escrow with 20%+ down.
Property tax increases and insurance premium hikes are the most common causes of escrow shortage.
Who it's for
- Most Utah mortgage borrowers
Key benefits
- Predictable monthly payment
- Avoid lapsed insurance
- Avoid tax delinquency
Common mistakes to avoid
- Spending an escrow refund without checking next year's projection
- Failing to update insurance information after a renewal
Frequently Asked Questions
Next steps
Start your application, run scenarios in the mortgage calculator, or schedule a call with Tres Miller — 31+ years of Utah lending, NMLS #217768.
Related resource centers
Disclosure: Educational information only. Not a commitment to lend. Loan approval, interest rates, fees, program eligibility, and property qualification depend on individual underwriting and current program rules at the time of application. Verify all program details with a licensed loan originator. Tres Miller NMLS #217768. Equal Housing Opportunity. Information here is general guidance and is not legal, tax, or financial advice for your specific situation.