Taxes

Important Tax Information

Please forward us any real estate tax bills you receive. Most towns send us your tax bill directly but we need a copy to pay your taxes from your escrow account. Should you receive a bill, please send it to our Servicing Department via mail or fax it to us at 860-356-0160.

Please keep in mind that the following taxes are not covered in your mortgage payment:

• Car tax
• Sewer tax
• Water bill
• Fire district tax

Escrow for Real Estate Property Tax

Your mortgage escrow is an account set up to pay your real estate property tax and applicable insurance premiums on time each year. Each month as part of your mortgage payment, we set aside a certain portion of your payment for these bills in advance of the due date. We use the money in this account to pay your real estate tax, homeowner’s insurance premiums and if applicable, other insurances, when the bills come due.

If your account is escrowed for taxes and your mortgage is current, your mortgage payment will be analyzed every August to determine if we need to increase or decrease the escrow portion of your payment. Adjustments made based on this analysis are effective for your October 1st payment of that year.

You will receive an annual escrow analysis statement in September indicating the amount of the change and reason.

• If you pay using McCue Mortgage coupons, new coupons will be mailed to you shortly after the statement is mailed.
• If you pay using EFT, your mortgage payment will automatically adjust to the payment disclosed to you in the escrow analysis statement on the pay date you selected beginning with the October 1st payment.
• If you pay online through your bank, YOU must adjust your payment with your bank.

If the change in your mortgage payment of a concern to you or unaffordable, call us!
Refunds for over collected escrow payments are issued only after any outstanding late charges and/or corporate balances are paid.

For further explanation of escrow analysis and FAQs, please visit our Escrow Analysis page.