|Buying a Home - escrow accounts
a Home - What is an escrow account? Do I need one when buying a home?
by your mortgage lender, an escrow account is a place to set aside a
portion of your monthly mortgage payment to cover annual charges for
homeowner's insurance, mortgage insurance (if applicable), and property
Escrow accounts are a good idea because they assure money will
always be available for these payments. If you use an escrow account to
pay property tax or homeowner's insurance, make sure you are not penalized
for late payments since it is the mortgage lender's responsibility to make
>> When buying a
home can I pay off my mortgage
ahead of time?