All About Mortgage Escrow Impound Accounts
As escrow impound account is used to collect your monthly property tax and homeowners insurance. Once your tax and insurance bills come due, your lender will pay each using the funds from your account. This helps give your lender some security and if your loan-to-value is over eighty-percent, you will be required to escrow/impound your taxes and insurance.
But do you need to have an escrow impound account? And if you don’t, wondering how you can cancel it? In this week’s Mortgage Monday article, we discuss this and more. Check out everything you need to know about mortgage escrow impound accounts here.