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Simple Real Estate Definitions: Escrow Account

October 20th, 2009 · Comments Off on Simple Real Estate Definitions: Escrow Account

An escrow account is a designated savings account into which funds get deposited for a specific purpose. With respect to real estate and home loans, escrow accounts are used to pay real estate tax bills and homeowners insurance payments. Escrow accounts are managed and disbursed by lenders. When a homeowner “escrows” his mortgage, along with […]

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Tags: Consumer Interest · Real Estate