Denise Baker Stewart
(919) 795-1608



Each Office is Independently
Owned and Operated


My Listings
Search For Homes
Open Houses
Buyers & Sellers
Market Analysis
Dream Home Finder
Buyer/Seller Info
Local Area
Community Info/Links
Local Phone Numbers
Schools
Weather Report
Relocation
About
Contact Denise
Company Website
Guest Book
About Me
Tools & Links
Mortgage Calculator
Mortgage Rates
Real Estate News
Misc.
Home
Home
 


Equal Housing Opportunity


MLS membership


REALTOR® certification


Yahoo® Real Estate Classifieds


QSC - Quality Service Certified

 

Buyer/Seller Info



  Escrow Account

The account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses.

An escrow account is money that is deposited with a third party -- outside the buyer and the seller -- to be used to pay various fees. A borrower typically provides funds that will pay taxes, mortgage insurance, lease payments, hazard insurance premiums, and other payments when they are due.

An escrow payment by the holder of a mortgage is also known as "impounds" or "reserves" in some states.

When escrow funds are used to pay taxes, hazard insurance, and other fees, it is called an escrow disbursement. Periodically, an escrow analysis will be performed to determine if current monthly deposits provide sufficient funds to pay bills when they are due.

 

[ Back To Real Estate Glossary ]