Escrow Account Information

What is an escrow account?

An escrow account is a trust account established by the lender to hold money to pay for real estate taxes, mortgage and home owners insurance premiums as they are received each month.

Do all loans require escrow accounts?

If you are taking out a FHA or VA loan, the lender can require an escrow account to pay real estate taxes and hazard insurance premiums, as with a standard loan. Most conventional loans do not require an escrow account.

If you are looking for additional escrow account information in Central Iowa, contact us today. Hunziker & Associates would love to partner with you on your home buying journey!

 

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