Chapter 11. Understanding Escrow Accounts
IN THIS CHAPTER
Almost every mortgage comes with an escrow account for payment of taxes and insurance. Although an escrow account can be a convenience, it is not without its costs. This chapter explains what escrow accounts are, how they work, and how you might be able to save money by doing without one.
Escrow Is for Taxes and Insurance
An unavoidable downside of owning property is the associated real estate taxes. These taxes are usually assessed by the city or county, and go toward things such as public schools, police, and other municipal services. Property tax is based on the value of the property in question, ...
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