Search Results

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.