Escrow Account
If you've heard the term "escrow account" but don't know what it means, you're not alone. Unless they've purchased a home, most people know little about escrow. So let's go over the basics.
An escrow account is a special account designed to hold money for property taxes and homeowner's insurance (also flood insurance, if applicable) that is collected with your monthly home loan payment. The escrow account ensures that these costs are paid when they're due, and removes the risk of lapsed homeowner's insurance coverage or delinquent taxes.
Two key benefits of an escrow account are that your escrowed payments are made on time, and you don't have to worry about coming up with several large, lump-sum payments throughout the year.
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Timestamp: 08/27/2008 at 22:23:37
Server: www.fhel.com