Keywords: Escrow account; Impound; Tax & Insurance; Reserve
Do you know anything about Condo Project Review (or HOA Questionnaire)?
Escrow impound accounts are those accounts which lenders set up to collect 'up-front' money from you, when you take out a mortgage to cover future expenses such as property taxes and insurance. The borrowers are required to save such reserves in the Escrow account.
Lenders like to set up these impound accounts, as they are then certain that the property taxes and insurance will be paid on time, as they will be holding the money and paying these expenses for you.
Post time: Jan-20-2022