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What is an impound/escrow account?

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In addition to the principal and interest payment on your mortgage loan, you may elect to pay additional funds each month in an impound/escrow account to pay for property taxes and homeowners insurance. With some mortgage programs, impounding for taxes and insurance may better your rate. Having an impound/escrow account allows you to put aside a small portion each month to cover costs of insurance and property taxes. You send the additional funds each month when you pay your mortgage payment. The money is held in an impound/escrow account and makes the payments from the account when they are due.

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