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ESCROW ACCOUNT
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you close your purchase transaction, you may have an escrow
account or impound account with your lender. This means the
amount you pay each month includes an amount above what
would be required if you were only paying your principal and
interest. The extra money is held in your impound account
(escrow account) for the payment of items like property
taxes and homeowner's insurance when they come due. The
lender pays them with your money instead of you paying them
yourself. |
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BACK TO GLOSSARY |
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Simplicity
Mortgage - 6180
E. State Street, Suite #5 - Rockford, IL.
61108
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