Tag Archives: Escrow Account
What is an escrow account?
The portion of your mortgage payment that is for property taxes and insurance actually goes into a separate account. Your property taxes and insurance are paid from this account each year. When you have paid off your mortgage, any money … Continue reading
What does escrow mean?
With property taxes, escrow basically is when you pay your mortgage, property taxes and insurance in one payment each month. Your mortgage company then pays your property taxes and homeowners insurance when they are due. The mortgage company does not … Continue reading
How to Set Up an Escrow Account for Property Taxes & Insurance
Escrow accounts on mortgages house funds for homeowner insurance premiums and property taxes. Most mortgage companies offer escrow account for their customers. This is considered a convenience. However, what many borrowers do not understand is that the mortgage company then … Continue reading