What You Should Know About Escrow Accounts

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'Escrow' is one of those terms that homebuyers often hear but maybe need a little extra explanation to fully understand. Today I'll explain what an escrow account (also called an 'impound account') is, what it does, and what the advantages and disadvantages are to setting one up outright. Essentially, an escrow account is a separate account designed by your lender to help you manage your tax payments and insurance renewal premiums, making it easier for you to pay them consistently and on time. To learn more, watch my latest video.

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