Quoting Mike Alexander <[EMAIL PROTECTED]>:
--On April 24, 2006 9:34:59 AM -0400 Josh Sled
<[EMAIL PROTECTED]> wrote:
Escrow ???
Guess this is which account you use to pay the loan from?
Yes; it's an intermediate account you pay into, from which the loan is
actually paid.
Are you sure about that? I've never used the loan feature, but this
is not the usual use of this term with loans in the US. Often for
mortgage loans a bank will require you to set up a separate escrow
account which you pay into and they use to pay the taxes and
insurance on the property being mortgaged. This is separate from the
loan payments. I would assume the escrow account would be the
account to hold these escrow payments and record disbursements for
taxes, insurance, etc.
I'm with Mike here. The escrow account isn't the account from which the LOAN
is paid, but rather it's an account you pay into on each mortgage payment
and then the mortgagee (the bank) uses the funds in the escrow account to
pay your taxes and insurance.
-derek
--
Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
Member, MIT Student Information Processing Board (SIPB)
URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
[EMAIL PROTECTED] PGP key available
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