05/09/2026
Mortgage Term of the Day:
An initial escrow deposit is the amount you pay at closing to set up your escrow account.
This account holds funds for:
📅 Property taxes
🛡️ Homeowner’s insurance
🏠 Sometimes mortgage insurance
Lenders require this upfront to ensure there’s enough money in the account when those bills come due.
💡 Think of it as a cushion to keep your mortgage-related payments running smoothly!