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Mortgage glossary
Escrow Account
An account maintained by the loan servicer to collect money for items such as property taxes and homeowners insurance. The amount collected can change when bills or estimates change. A shortage or surplus may affect future payments.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.