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What is a mortgage escrow account?

April 26, 2017account escrow mortgage

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What is a mortgage escrow account?

3 Answers

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At the time you close your mortgage loan an escrow account may be established. This account is held by the lender so that the payment of real estate taxes, fire and hazard insurance premium, mortgage insurance premiums, and other escrow items are paid in a timely fashion.

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Your mortgage lender will set up an escrow account for purposes such as taxes, hazard insurance, assessments and mortgage insurance premiums. You will be required to make periodic payments in to this account, often on a monthly basis.

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At the time you close your mortgage loan an escrow account may be established. This account is held by the lender so that payment of real estate taxes, fire and hazard insurance premiums, mortgage insurance premiums, and other escrow items are paid in a timely fashion.