Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of I
Impound Account
Same or similar to an * escrow account.
Glossary For This Page
(In Alphabetical Order)
* Escrow Account
An account held by the lender (or servicer) to which a homeowner pays money for property taxes, homeowners insurance, mortgage insurance, etc. The homeowner pays a portion of the yearly property taxes, homeowners insurance, etc., with each monthly payment, then the lender pays the tax bill and insurance from the accumulated funds.
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