Luxury Home Loans - Can I cancel my escrow account after closing?

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Can I cancel my escrow account after closing?

Maybe you changed your mind after closing on your mortgage and would rather not have your taxes and insurance included in your payment.

Most lenders will allow you to cancel your escrow account, but there are several that won't. If you're unsure, ask your loan officer.

Some lenders require you have a loan to value ratio (LTV) of no greater than 80% in order to waive your escrow requirement. This can be achieved through a combination of paying down your principal, and property appreciation. You will typically need a new appraisal to confirm the current value if you are using the property's current value rather than the original purchase price for your calculations.