Impounds and Escrows

Hi Sagar,

Impound accounts are also called as escrow accounts. It is an account which is set up where you pay a monthly amount from which the mortgage company pays for your property taxes & home insurance.

You can read more about use of such accounts from this page: http://www.mortgagefit.com/impound-account.html

Colin

Hi Sagar,

Impound Account and Escrow account - both are same.

We already have some discussion on escrow account. And even there is an article on escrow account. Please refer "Escrow and its Significance" to acquire enough knowledge on escrow or impound account.

Thanks