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One way in which a homeowner can set aside funds for future real estate taxes and property insurance premiums is to make regular payments into an impound account set up by the lender.
Your mortgage lender creates an escrow account, often known as an impound account depending on where you live, to cover specific property-related costs.
An amount from your monthly mortgage payment is used to fund the account. Because you send money through your lender or servicer each month rather than having to pay a sizable bill once or twice a year, an escrow account makes it easier for you to cover these costs.
To ensure that the bill is paid, many lenders demand that you pay your taxes and insurance through escrow. The escrow account will be handled by your mortgage servicer, who will also pay these bills on your behalf. Escrow accounts can occasionally be mandated by law.
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