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  • Home
  • About
  • Resources
    • First Time Buyer Tips
    • First Time Seller Tips
    • Home Appraisal
    • Home Inspection
    • Loan Process
    • Loan Checklist
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
    • What to Expect at a Loan Closing: A Step-by-Step Guide
  • Apply
    • Apply Now – Short Form
  • Reviews
    • Leave a Review
    • Read My Zillow Reviews
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Home Buying101

25 Feb 2025
By Mark Feder

Understanding Mortgage Escrow Accounts and Why They Are Important

Home Mortgage Tips
A mortgage escrow account is a financial tool used by lenders to manage and disburse payments for property-related expenses, like property taxes and homeowners insurance. Rather than paying these expenses separately, a portion of your monthly mortgage payment is set aside in the escrow account. When taxes or insurance premiums are due, the lender pays them on your behalf. How Does It Work? Initial Deposit: When you close on your home, your lender typically requires an initial deposit to fund your escrow account. This ensures there are sufficient funds for upcoming tax and insurance payments. Monthly Contributions: Each month, a…
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