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 Closing Disclosure.

Note: You won’t receive a Loan Estimate or Closing Disclosure if you applied for a mortgage prior to October 3, 2015, or if you're applying for a reverse mortgage. For those loans, you will receive two forms – a Good Faith Estimate (GFE) and an initial Truth-in-Lending disclosure – instead of a Loan Estimate. Instead of a Closing Disclosure, you will receive a final Truth in Lending disclosure and a HUD -1 Settlement Statement. The initial escrow amount will be listed in Block 9 of your Good Faith Estimate (GFE) and Line 1001 of your HUD-1 settlement statement, and may change between your GFE and closing. If you are applying for a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you will not receive a GFE or a Loan Estimate, but you should receive a Truth-in-Lending disclosure.