It's possible that your mortgage lender wants you to put money into an escrow account in order to get a mortgage. This can leave you with a few questions so that you can better understand this concept regarding how you pay your mortgage. Read on to learn the answers to some of the questions you may have.
What Is an Escrow Account?
An escrow account essentially acts as a savings account where you put the money for your mortgage insurance, home insurance, and property taxes.
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