Account held by a lender for payment of taxes, insurance, or other expenses. Sometimes called Escrow Account
a trust account in which funds are held, usually by a lender, for the payment of property taxes and insurance premiums required to protect the lender's security. These amounts are usually collected with the note payment.
an account set up by a lender for payment of property taxes, hazard insurance and other recurring expenses such as mortgage insurance and flood insurance
a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month
a trust account set up by the lender
When a lender collects a fixed amount each month from the borrower to pay other fees such as taxes and insurance. If the lender does not collect these fees into an impound account, the borrower is responsible for paying these himself.
One month's worth of your yearly tax bill and your yearly homeowner's insurance premium will be added to your loan payments. If your taxes are left unpaid, your state can foreclose on your property in order to obtain payment. If the foreclosure is successful, the lender could lose his collateral. In other words, if you're not making your payments, the lender could not recoup his loss: the state's foreclosure supercedes his. The lender also wants to make sure your insurance premium is always paid. If a fire destroys your property, he'll have lost his collateral, but the insurance company should repay his loan.
An account held by the lender on behalf of the owner in order to pay annual tax and insurance costs. The owner contributes monthly to this account along with the payment of the principal and interest on the loan.
The account set up by the lender into which the monthly impound amounts you may pay toward taxes and insurance are placed.
An account that holds money for property taxes and insurance that is contributed to with each mortgage payment. Many borrowers choose to have impound accounts in order to pay their taxes and insurance incrementally.
an account held in trust by the lender in which the borrower places monthly deposits with the lender for the payment of taxes, insurance and other purposes. Fire Insurance Impounds - money held by the lender for the payment of Fire Insurance - an insurance policy that covers against loss or damage by fire to a specific property (structure only) Flood Insurance Impounds - money held by the lender for the payment of Insurance that compensates for physical property damage resulting from flooding. Mortgage Insurance Premium Impounds - money held by the lender for the payment of Insurance that insures the lender against loss caused by the Borrower's failure to make the loan payments Property Tax Impounds - money held by the lender for the payment of property taxes levied on real property based on the value of the property.
Also known as Reserves, this portion of a borrower’s monthly payment is held by the lender or loan servicer to pay taxes, hazard or mortgage insurance, lease payments, and other items as they become due.
An account established by a lender to collect a borrower's property tax and insurance payments.
Funds retained in a special account by a lender to cover property taxes and hazard insurance. Also called a trust fund account or loan trust fund.
Money held for payment of an obligation due at some future time. Also known as escrow account.
A trust type of account maintained by lenders for the accumulation of borrowers funds to meet periodic payments of taxes, private mortgage insurance premiums, FHA mortgage insurance premiums, or future insurance policy premiums required to protect their security. Impounds are usually collected with the note payment.
A trust type account set-up by lenders for the accumulation of borrower's funds to meet periodic payments of taxes, mortgage insurance premiums and/or future insurance premiums.
Account held by a lender for payment of taxes, insurance or other related expenses. Also known as an escrow account.
Extra money held by your lender, usually paid monthly. This account is usually used to pay real estate taxes and insurance
Savings account for accumulating that portion of a borrowers monthly payments designated for future payments of taxes and insurance. (Required by lenders for certain types of financing.)
An account used by the mortgage company to pay homeowner's insurance, county taxes, and if needed, private mortgage insurance (PMI). Additional money for the impound account is collected with the monthly payment.
An impound account is an account established by the lender to pay a borrower's tax and insurance costs. The borrower's monthly mortgage payment is then increased to cover these costs, with the additional amount being held in the impound account and disbursed by the lender when the payments are due. Lenders typically prefer this arrangement because it reduces the possibility of a lapse in tax or insurance payments that could diminish the value of the lender's investment (your house). Therefore, while it is often possible to opt out of an impound account it will result in additional charges.
An account maintained by the lender for payment of property taxes, hazard insurance, mortgage insurance or other related expenses. The borrower pays these premiums to the lender in monthly payments along with the principle and interest. Also known as an escrow account.
An account held in trust by the lender in which the borrower is required to place monthly deposits for taxes, insurance and other purposes.
An account established to hold funds for payment of taxes, home-owners insurance, or other specified items.
An account paid into by the borrower and held by the lender to disburse funds on the borrower's behalf as they become due, such as for taxes and insurance. Also called escrow account.
Also known as an 'Escrow Account.' An account held by the lender/servicer, into which a borrower makes monthly installment payments for property taxes, insurance and special assessments. The lender servicer disburses these sums as they become due.
Account held by a lender for payment of taxes, insurance, including, if necessary, PMI, or other periodic debts against a property. The borrower pays an apportioned amount with each monthly loan payment, and the lender pays the bills with the accumulated funds.
Funds collected by a Lender from a Borrower to guarantee payment of such items as Taxes and Hazard Insurance Premiums when due.
A special savings account held by the lender, where the borrower deposits monthly amounts for taxes and insurance.
An account held by a lender for the payment of taxes, insurance, or other expenses.
A separate account for accumulating the portion of your monthly payment that will pay future taxes, insurance, fees, assessments and so forth. Depending on your lender and the financing you select, an impound account may be required.
An account held by the lender that is used for the lender to advance payments of certain expenses or charges that are incidental to property ownership and that may protect the lender's security.
An escrow account maintained by a lender for paying property taxes and insurance premiums for the security property; the lender requires the borrower to make regular deposits, and pays the expenses out of the account when they come due. Also called a reserve account.
Depending on the type of the loan, some lenders increase the size of the monthly payment to cover important bills such as property taxes and insurance. This extra amount is deposited into an interest-earning Impound Account. At the end of the year, when the taxes or insurance premiums are due, the lender automatically pays the bill from the buyer's account.
Money held by the lender for paying taxes, insurance and debts.
That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves.
The trust account held by a lender into which payments for insurance, taxes, etc., paid by the borrower are placed prior to being disbursed by the lender. Also known as an Escrow Account
A fund set aside for future needs.
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.)
Also called Tax and Insurance Reserve (TIR). Accounts required if lender will pay the property taxes, mortgage insurance, and hazard insurance.
This is an account held by the lender for payment of taxes, insurance and other periodic debts against a property. The borrower pays a specific amount over and above the monthly loan payment, and the lender pays the bills with the accumulated funds. Some lenders require an impound account for certain types of financing.
Account held by the lender for payment of taxes, insurance, or other periodic debts against real property.
An account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.
Portion of the borrower's monthly mortgage payment that is held by the lender to pay for property taxes, hazard insurance, mortgage insurance, ground rent, and other items as they become due. Also called escrow account.
An account set up to hold a portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.
A trust account established to set aside funds for future needs.
A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.
Partial amounts of the borrower's monthly payments which are used to pay certain services such as taxes, hazard insurance, mortgage insurance, lease payments, and other such things.
A trust account established by lenders to hold, reserve or impress funds to meet future financial needs (such as; taxes, FHA mortgage insurance premiums, and/or other insurance policy premiums which are usually collected with the note payment).