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Home Financing Library

Escrow Account Basics

Mortgage escrow accounts are set up in which money is held to pay property taxes, fire and hazard insurance premiums, mortgage insurance premiums, flood insurance and other escrow items. Escrow accounts make collecting and paying these items easier and provide a convenient option for you. These accounts ensure there is enough money to pay these bills and they are paid when due. This helps you avoid the risk of lapsed insurance coverage or delinquent taxes as well as monitoring various due dates throughout the year.