Posts with tag 'Real Estate Vocabulary'
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What is an Escrow Account, and Why Does It Matter?
When people hear "mortgage payment," they often think it's just principal and interest. But many monthly payments also include property taxes and homeowners' insurance, and those are typically managed through something called an escrow account.
Here's how it works:
Your lender collects a portion of your taxes and insurance each month. When those bills ar...