What is an escrow account? EZ Mortgages & loans in Boston

What is an escrow account?

An escrow account is typically established at the time you close your mortgage loan. This account is held by the lender for the future payments of recurring items relating to the mortgaged property, such as real estate taxes and insurance premiums (hazard and mortgage), as they become due. Lenders usually require you to pay an initial amount for each of those items to start the reserve account at the time of closing. You are not required to have an escrow account. You always have the option of paying your own property taxes and home owners insurance thereby reducing the amount of money you would need to pay at your time of closing.

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