What is Mortgage Escrow? | Quicken Loans Education
Mortgage escrow is when a mortgage servicing company creates an account for a mortgage holder and then uses that account to pay property taxes and homeowner insurance. Usually, escrow is collected monthly and paid out when the various bills are due. It’s a valuable service that mortgage servicers provide clients and it insures a client will never be without insurance or fall behind on taxes. Watch the video to learn more or go to http://www.quickenloans.com/blog.