Definition of "Impound account". jennifer withrow win win real estate. An account into which payment is made for particular expenses to assure that money will be available. An example is a special account the homeowner’s attorney establishes for advance funds he receives in connection with the sale of property.
In the real estate world, an impound is an account that mortgage companies use to collect property taxes, homeowners insurance, private mortgage insurance and other payments that are required by the homeowner but are not part of principal and interest. Impound accounts are also called escrow accounts.
What is an escrow account? Your lender may refer to this account as an "escrow account," "impound account," or even an "escrow impound account." Whatever it’s called, it’s an account the lender sets up to ensure that certain expenses for the property are paid, and on time.
Some closing costs, such as real estate agent commissions. Prepaid costs: Most lenders require borrowers to set up an escrow or impound account to collect homeowners insurance and property taxes,
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Your lender may refer to this account as an "escrow account," "impound account," or even an "escrow impound account." Whatever it’s called, it’s an account the lender sets up to ensure that certain expenses for the property are paid, and on time. These expenses include homeowners insurance and, yes, property taxes.
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Impound accounts can also benefit borrowers because the money is collected gradually over time, so there isn’t that big unexpected hit when taxes or insurance are due. For this reason, some borrowers actually prefer impound accounts, especially those that tend to do a poor job managing their own finances.
Lenders sometimes require those taking out home mortgages to pay property taxes and insurance through an escrow or impound account. The buyer pays into the account and the mortgage servicer pays.