What is escrow?
In a mortgage context, escrow is a separate account your lender maintains to hold funds for property taxes and homeowners insurance. Your monthly mortgage payment includes 1/12 of the annual tax and insurance bills; the lender pays those bills from the escrow account when they come due.
In Kansas, property taxes are paid twice yearly (December and May). Escrow smooths this into 12 equal monthly payments.
PITI · property taxes · insurance
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