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What are escrow accounts?

April 26, 2017accounts escrow

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What are escrow accounts?

2 Answers

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Lenders typically collect 1/12th to 1/14th of the annual payments due on property taxes plus hazard and mortgage insurance premiums. These monthly payments are placed in an escrow account, from which the lender draws the tax and premium payments when they fall due.

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An Escrow Account is a legal arrangement whereby the funds are delivered to a third party (Barclays) to be held independently from fxaworld.com until the escrow agent is instructed by the client to deliver the money to the proper beneficiary.