What Is A Mortgage Escrow Account?

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A mortgage escrow account is a financial arrangement used by lenders to ensure that property taxes and homeowners insurance premiums are paid on time. Each month, a portion of the homeowner's mortgage payment is deposited into the escrow account.
When the property tax and insurance bills are due, the lender uses the funds in the escrow account to pay these obligations on behalf of the homeowner. This helps prevent the homeowner from missing payments, which could result in penalties or loss of insurance coverage.
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