Tax And Insurance Escrow

Definition of "Tax and insurance escrow"

Karole Lewis real estate agent
Karole Lewis, Real Estate Agent Coldwell Banker

When a mortgage loan is provided to a borrower, the lender establishes a fund called a tax and insurance escrow to accumulate the debtor's monthly payments for property taxes and insurance premium for the mortgaged property. As the taxes on the property and insurance premiums change from year to year, the amounts needed to fund the tax and insurance escrow account also change.

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