What are impounds?

Posted by Andrew on May 26, 2010 in Closing Costs, Home Loans | Comments Off on What are impounds? I get asked this question quite often. When you take out a loan on real property you may have two options for how you want to pay your property taxes and hazard insurance.    You can either pay them in large sums twice yearly when they are due, or you can pay them monthly via impounds. If you make the decision to pay your taxes and insurance monthly (most people do) then the lender collects them...
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