Mortgage Minute - What is an impound (escrow) account?
Financial Residency · Doug Crouse
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Show Notes
This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.
Doug explains the goal and use of an impound/escrow account. Basically it builds a cushion for the bank to make payments on your behalf for taxes and insurance.
He also highlights why your loan estimate may differ from your closing disclosure regarding this account. To learn more about Doug, go to www.DougCrouse.com.