Back to Glossary
Escrow Account
January 19, 2023
Your mortgage servicer manages an escrow account, essentially a savings account. Your mortgage servicer will put a portion of each mortgage payment into escrow to meet projected property taxes as well as homeowners and mortgage insurance premiums. It's as simple as that. In some parts of the country, escrow accounts are also referred to as impound accounts.
Related Topics
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual
How Much of a Mortgage Payment Goes to Principal
What Do Underwriters Do?
What Does Loan Underwriting Mean
Loan To Value and Down Payments
What is Underwriting in Real Estate?
Homeowner's Guide: DIY Home Improvement