What is Escrow?Escrows are used in other circumstances, but the most widely known types of escrows are mortgage-related. The escrow account is managed by the mortgage lender. The lender collects escrow payments from the borrower, and keeps the money in an escrow account until the tax or insurance payments are due. The lender takes care of paying those bills, and the borrower usually doesn't have to do anything else. When you hear about principal, interest, taxes,...
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