The Real Estate Encyclopedia
What is an escrow account?
Category - Home Selling Questions - General Home Selling FAQ's
A special account that holds escrow money. When your taxes are "held in escrow" it simply means that the bank has created a special account. So when you pay your mortgage a portion of that money will be held in a separate account and as your taxes become due, they can be paid out of that account.


References


External Links
www.affordablelistings.com
 
 
Category(s)
Home Buying Questions - General Home Buying FAQ's
Home Selling Questions - General Home Selling FAQ's
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