What Is An Impound Account

What Is An Impound Account

Image title

We have discovered there is an untold story behind the mortgage curtain relating to Impound Accounts!  Impound accounts are held by your mortgage bank to pay your Home Owner's Insurance and your property taxes every year. You contribute a portion of your PITI (principal & interest, taxes & insurance) mortgage payment towards taxes and insurance every month and that money is held in one of these Impound Accounts.  Twice a year, your mortgage pays your property taxes on your behalf from this account and pays your home owner's insurance for you once a year.  


When you go to sell your house, you have to be aware of this extra money sitting in your account.  You have to proactively go and chase this money to have it refunded back to you after you close and sell the home or after you refinance.  Unfortunately and sneaky as this is, it is your responsibility to call and ask for that money back 3-6 weeks after the full payoff of your loan.


Need somebody to help you with your home sale and make sure you aren't leaving money on the table?  Call Chelsea Anderson, Realtor with Your Red Door Team at Keller Williams Realty East Valley and make sure you know how to take advantage of the micro-market your property is in and make sure that you don't overlook any money on the table!  Call today for information on selling your home and to Schedule your private listing consultation (602) 748-6136.


Searching for homes under the Queen Creek Area.  Click this link or a photo below for more information. 


Click here for all the results





Chelsea Anderson Headshot
Author:
Phone: 602-748-6136
Dated: June 13th 2017
Views: 146
About Chelsea: Chelsea joined the real estate community in 2010 as the Marketing Director for a small local commerc...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Wonderful Property Wonderful Family - It's always such an honor to be
We Are Up For The Challenge - There are some clients that you
Finding Homes And Combining Families - It's a love story come true! 
OPEN HOUSE IN SCOTTSDALE Today Until 2 - This is an unbelievable

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Your Red Door Real Estate Team
2077 E Warner Rd #110
Tempe, AZ
602-714-3353
480-831-1442