Escrow and impound accounts are interchangeable terms depending on which state you live in. Mortgage companies offer this monthly service to collect incremental fees necessary to pay a home's annual property taxes and insurances. Escrow fees accrue in the account until paid directly to insurance providers and the property tax department of your local government tax agency. With an impound account, homeowners pay fees monthly rather than being hit with a big fee once or twice a year.
Instructions
- 1
Locate the annual property tax documents for your home. Obtain this information from the local government's tax assessor office. Depending upon where you live, this might be accessible online with your known parcel number. Some systems utilize the last name of the owner to help find this information.
2Review your home hazard insurance documents to determine your annual premium amount.
3Check if you pay mortgage insurance, separate from home hazard insurance. Mortgage insurance occurs when a homeowner purchases a home with less than a 20 percent down payment.
4Add together the property tax amount, the home hazard insurance and any mortgage insurance amounts.
5Divide the sum of these numbers by 12 to calculate the monthly escrow impound account fee.
6Review the annual statement of your escrow impound account for any discrepancies. Contact your mortgage lender for any clarifications.
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