What is an initial escrow deposit?

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.

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