Our Best Answer
What is an escrow account and do I need one?
Lenders often set up an account called an escrow or impound account to provide the tax and insurance portion of your monthly mortgage payment. At the closing of your mortgage, the lender will collect sufficient money to establish the necessary reserves for an escrow account. This money plus the monthly deposit are then held until they can be used by the lender to pay the tax and insurance bills.
For more information on an existing escrow account, please contact us at 1-800-421-8059, Monday - Friday 8:30 AM - 5 PM.