So… what exactly is escrow?

If you’re buying a home, you’ll hear the word escrow quite a bit. Simply put, escrow is part of your mortgage payment, and includes things like your home owner’s insurance and property taxes.

When choosing a home, it is really important to consider these costs because they can GREATLY affect your monthly payment (and your closing costs). For instance, an older home is typically going to mean higher insurance rates, which could affect your monthly payment by hundreds of dollars a month.

One way to save on your escrow costs in Florida is by applying for homestead exemption (for your primary home). Homestead exemption lowers the taxable value of your property by $50,000 and also limits how much your property taxes can increase yearly.

It can sound confusing at first, but that’s part of what I’m here for! My job is to help explain what’s happening throughout the process so you understand your options.

Thinking about buying or selling in the Pensacola, Gulf Breeze, Pace, Milton, Navarre or surrounding areas?

Call or text me at 850.777.4002 or email me at ChristinaSellsTheGulfCoast@gmail.com and I’d be happy to answer your questions or send you a free copy of my Buyers or Sellers Guide — no obligation.