FAQ

Q: Do I need to send you a copy of my property tax bill?

If your loan is set up with an escrow account , the credit union will obtain the property tax bill from the government. If your loan is approved with you paying the taxes yourself , you will need to provide a copy of the paid tax bill annually to us. At the following address: Providence Federal Credit Union 6400 SE Lake Road, Suite 125 Milwaukie, OR 97222

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How are my property taxes paid?

If you elect to escrow your property taxes, you will make monthly payments and the credit union will pay your taxes on your behalf.

If you do not escrow the property taxes, then you are responsible for making the property tax payment when it comes due.

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Do I need to send you a copy of my property tax bill?

If your loan is set up with an escrow account, the credit union will obtain the property tax bill from the government.

If your loan is approved with you paying the taxes yourself, you will need to provide a copy of the paid tax bill annually to us. At the following address:

Providence Federal Credit Union
6400 SE Lake Road, Suite 125
Milwaukie, OR 97222

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What is an escrow account?

An escrow account is established as a convenient way to manage property taxes and insurance for your home. Sometimes referred to as an “impound account”, escrow accounts allow you to make one monthly payment, instead of paying individual bills when they are due.

A portion of your monthly mortgage payment goes directly to your mortgage (principal and interest) and the remainder is allocated to your escrow account to cover property taxes and insurance. When the individual bills are due, your lender will pay them with funds from your escrow account.