video: What Is Escrow?

 

As we show you in this video, an escrow account is an account, established by your lender, to set aside a portion of your monthly mortgage payment to cover annual charges for homeowners insurance mortgage insurance (if applicable), and property taxes.
Escrow accounts are a good idea because they assure money will always be available for these payments.
If you use an escrow account to pay property tax or homeowners insurance make sure you are not penalized for late payments since it is the lenders responsibility to make those payments.
 

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