What is the maximum amount that a mortgage lender have hold in your escrow account in North Carolina?

Is there any formula to figure out how much your escrow payment should be?
What is the maximum amount that a mortgage lender have hold in your escrow account in North Carolina?
Your escrow payments are dependent on what you are escrowing. Take the total yearly payment of everything you want ot escrow (IE: Taxes, Insurance, Homeowners association dues) add them together and divide by 12. This amount will be your monthly escrow payment. Add that to your Principal and inetrest payment to get your total monthly payment. as for the maximum amount typically lenders will collect a 2 or 3 month cushion to avoid a shortage when the escrowed bills come due. I hope this helps you out. I am a Mortgage Broker in NC if you would like more info e-mail me at cameron@coastline-mortgage.com
Reply:Estimated property taxes and home insurance.
Reply:Taxes and insurance are based on appraised value. Insurance rates vary by customer so no there is no exact formula but a mortgage company may be able to give you a rough estimate.