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  Impound Account Definition
Impound Account An impound account, also called an escrow account, is an account that is set up for you by your home loan lender and is used to pay expenses like hazard insurance, mortgage insurance and property taxes. The money that you put into this account goes to pay for these expenses. While it is possible to opt out of an impound account, it may result in additional charges.
   
   
   


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