An escrow account is established to hold money
collected by your lender to pay your hazard insurance and property taxes when
they become due. This is sometimes referred to as an "impound
While some lenders require escrow payments every month, to ensure that they have enough to pay the insurance and taxes for you, HEBFCU does not collect for taxes and insurance. This is a way for lenders to make sure their collateral is secure.
Insurance and taxes vary. You can find out the current taxes from your local Tax Assessor Collector, and seek quotes for hazard insurance coverage.