Clear Answers to Common Questions

From start to finish, our team will go above and beyond to ensure all your questions are answered.

Mortgage FAQs

How does an escrow account work?

An escrow account is a separate account that holds funds for the purpose of paying bills such as homeowner’s insurance and property taxes.

Funds to cover these expenses are deposited into the account each month along with your monthly payment and then pays the bills for you when they come due.

By taking the annual amounts charged for homeowner’s insurance, property taxes and other annually paid items and dividing them by 12, the escrow department establishes a payment amount that is added to your monthly principal and interest payment.

Spreading the cost of these expenses over 12 months makes it easier for you to budget those expenses, and you won’t have to come up with additional cash when bills are due.

For some loans, escrow accounts are a requirement.

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Genisys Mortgage Professionals

Since 1999, Genisys Mortgage has provided a wide variety of mortgage loan options, offering personalized & knowledgeable service with a strong attention to detail to borrowers and Realtors all across Northern and Central Michigan.

Cadillac
116 E. Nelson St.
Cadillac, MI 49601
(231) 779-9817

Traverse City
1603 Barlow Street Ste 2
Traverse City, MI 49686
(231) 779-9817

Petoskey
116 E. Nelson St.
Cadillac, MI 49601
(800) 382-0035

Genisys Mortgage is a registered trademark of Mortgage300 Corporation.  2000 PGA Blvd Suite 3220A Palm Beach Gardens, FL 33408