Impound account
Impound account
Also called an escrow account. These accounts, which are held by the lender, into which the borrower makes payments used for property taxes and insurance. Money is added to the account every time a mortgage payment is made and the lender assumes the responsibility of fund disbursement. The term is sometimes shortened to impounds.
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| Loan Type | Today |
|---|---|
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| 15 yr fixed | 4.39 |
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