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How are tax/insurance projections calculated for the next year?
We project annually how much you’ll need to set aside in your escrow account for the upcoming year. The projected amount is based on the taxes and/or insurance premiums you paid during the previous 12 months. The total amount is divided by 12 to determine your projected monthly escrow payment. An important thing to keep in mind: customers are required to have a “cushion” in their account, which is equal to two months of escrow payments.
What’s an escrow shortage?
An escrow shortage occurs when, even with a positive escrow balance, there are not enough funds in the account to pay your yearly projected taxes and insurance. By having a two-month cushion, you should have enough funds to cover unexpected tax and/or insurance increases; however, in some cases, insurance and tax premium increases may still exceed the amount in your escrow account.
Please note: Changes to your tax and/or insurance premiums could result in a change in your monthly loan payment. This information is supplied on your escrow analysis statement described above.
What’s an escrow surplus?
An escrow surplus occurs if your taxes and/or insurance costs were lower than expected.
Are you responsible for filing your tax exemption?
Customers are responsible for filing their own tax exemption; failure to do so may result in a higher tax bill.
What’s an escrow analysis?
Every year, we review your escrow account to make sure there’s enough money in it to cover your taxes and/or insurance premiums. We send you a summary statement of this report on August 1st. It includes a review of escrow account activity during the past year, and payment projections for the next 12 months. It’s important that you take the time to review this document when you receive it.
What’s an escrow account?
Your escrow account, in a sense, is a savings account that is managed by First Internet Bank as your mortgage servicer. We deposit a portion of your mortgage payment into the escrow account to cover your estimated real estate taxes and insurance premiums.
What is the routing number for First Internet Bank?
Our routing number is 074014187.
What is the mailing address for First Internet Bank?
Please send deposits, loan payments and other correspondence to:
First Internet Bank
PO Box 6080
Fishers, IN 46038
For overnight deliveries, please use our street address:
First Internet Bank
11201 USA Parkway
Fishers, IN 46037
Can I really bank without branches?
Yes! First Internet Bank has been around since 1999, and our thousands of customers across the country have discovered the benefits of banking without branches. Chances are, with direct deposit and ATMs, you probably don’t visit bank branches that often anyway — so why pay for something you don’t use? Without a costly branch network to support, we pass the savings on to you in the form of better rates and lower fees. Plus, we’ve loaded up our online banking site with tools and resources to help you manage your money more easily and make smart financial choices for your future. And when you have a question, an experienced Relationship Banker is here to help — by phone, email or online chat.
How do I make deposits to my personal account?
In today’s wireless world, you no longer have to make deposits in person. First Internet Bank offers multiple ways to deposit your funds electronically or through our mobile app.