ESCROW ACCOUNT

If you choose to pay us an additional amount each month to pay your property taxes and hazard insurance when it comes due, then you may have to pay an amount at closing sufficient to establish the account. Escrow accounts remove the additional worry of having to save for additional annual expenses related to your home. Your lender will track these expenses for you and pay them as they come due. In some states, the lender will pay interest on your escrow deposits as required by law.


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