In this video, we’re covering a topic that often confuses homeowners: Impound Accounts (also known as escrow accounts). Whether you're about to start the mortgage process or have owned your home for years, understanding impound accounts can help you avoid unexpected costs and make the most of your mortgage experience.
We'll break down:
What an Impound Account is – how your loan servicer sets it up to manage your property taxes and insurance.
Why Lenders Require It – the lender’s approach to risk mitigation by ensuring payments for taxes and insurance are timely.
The Importance of Escrow Analysis – how annual reviews by your loan servicer can affect your monthly payments, sometimes leading to under- or over-collection surprises.
Steps to Stay Informed – tools for keeping track of your insurance premiums and property taxes so you know exactly what you owe each year.
Learn how to avoid getting blindsided by unexpected changes in your escrow payments, and empower yourself with the knowledge to stay on top of your finances as a homeowner.
If you find this video helpful, don’t forget to like, subscribe, and hit the notification bell so you never miss out on my latest tips. Got questions about mortgages or real estate? Drop them in the comments below – I’d love to help out. Thanks for watching, and I’ll see you in the next video!"
