Your monthly mortgage payment will be used to repay the money you borrowed plus interest. Part of your monthly payment may be deposited into an "escrow account" (also known as "reserve" or "Impound" account) so your lender or servicer can pay your real estate taxes, property insurance, mortgage insurance and/or flood insurance. You should ask your lender or mortgage broker if you will be required to set up an escrow or impound account for taxes and insurance payments.
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