escrow account

listen to the pronunciation of escrow account
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A special account in which a lawyer or escrow agent deposits money or documents that do not belong to him or his firm
The portion of a borrower's monthly payment which is held by the servicer lender will pay items such as property taxes, hazard insurance, and other items as they become due
An account a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes Also known as an impound account
An account that a borrower can hold with a lender once a purchase transaction is closed This requires borrowers to pay more than the principal and interest each month The overage is put into escrow, which the lender uses to pay items like property taxes and homeowner's insurance when they are due This eliminates the actual number of payments that a homeowner has to worry about, but not the amount that has to actually be paid
A form of trust account in which advance payments are held on behalf of the payor until the contract allows their use by the payee or a third party
Also known as an “impound account”, this is an account in which the lender holds the borrower’s monthly payments for property taxes and insurance until such time as those obligations need to be paid by the lender on the behalf of the borrower
An account set up by a lender to which the borrower makes monthly payments for such obligations as real estate taxes, homeowners insurance, and private mortgage insurance The lender disburses these funds on behalf of the borrower as the bills become due
The account in which the lender holds the borrower's monthly payments for property taxes and insurance until such time as those obligations need to be paid by the lender on behalf of the borrower
a with 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, homeowner's insurance, mortgage insurance, etc
A special bank account maintained by the tender or an escrow agent In it you set aside money so that the lender can pay the taxes, hazard and mortgage insurance, ground rents and other special costs on your mortgage or property as they come due Each month a certain portion, called the escrow payment, of your monthly mortgage payment goes into this account
That portion of the monthly mortgage payments held by the lender to pay for taxes, hazard insurance, mortgage insurance and other items as they become due
An account held by an agent on behalf of his principal for the payment of money due to a third party on the event of specified incidents, e g a vendor's solicitor will hold funds on his behalf until title dees to property have been delivered and property registered and the keys delivered to the purchaser; or an account maintained by a mortgagee for the payment of property taxes or life insurance premiums
The account in which a mortgage servicer holds the borrower’s escrow payments prior to paying property expenses
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
Account held by a lender for payment of taxes, insurance, or other periodic debt against real property The mortgagor pays a portion of, for example, the yearly taxes with each monthly payment The lender pays the tax bill from the accumulated funds
The account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses such as property tax and hazard insurance Also called trust account, reserve account or impound account
The account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses
Funds that a lender collects to pay monthly premiums in mortgage and homeowners insurance, and sometimes to pay property taxes
This is a special account held by the transferee's lender Each month, the escrow portion of the mortgage payment is deposited in this account When real estate taxes or insurance premiums become due, they are paid out of this account by the lender Any funds left in this account are usually refunded within thirty days after the mortgage is paid-off If there is no Escrow Account, the transferee is responsible for paying real estate taxes and insurance payments
An account in which a prescribed amount of money is deposited each time a payment is collected The collected funds are used for paying real estate taxes and or insurance e g , a mortgage may require a monthly payment of $600 per month with an additional $100 to pay taxes and insurance This $100 goes into an escrow account which, technically, belongs to the buyer
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 escrow account funds on behalf of the borrower when they become due Also known as Impound Account
A special bank account maintained by the lender or an escrow agent In it you set aside money so that the lender can pay the taxes, hazard and mortgage insurance, ground rents and other special costs on your mortgage property as they come due Each month, a certain portion, called the escrow payment, of your monthly mortgage payment goes into this account (see Ground Rent)
Funds held by a lender to cover the payment of anticipated expenses on a property, such as taxes or insurance
The account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses See escrow
the lender may have the borrower establish this "savings account" to set money aside which is earmarked to pay taxes and insurance on the property A portion of every mortgage payment goes into an escrow account This account is not interest earning for the borrower The lender is then responsible for paying the tax and insurance bills with these reserved funds Top
escrow account

    Heceleme

    es·crow ac·count

    Türkçe nasıl söylenir

    eskrō ıkaunt

    Telaffuz

    /eˈskrō əˈkount/ /ɛˈskroʊ əˈkaʊnt/

    Etimoloji

    [ 'es-"krO, es-' ] (noun.) 1594. Middle French escroue scroll; more at SCROLL.