Who can have impound account?

An impound account is a bank account managed by a lender to collect and disburse funds for a borrower’s property taxes, homeowners insurance, and other related expenses. It is required for certain types of mortgages and offered as an optional feature for others.

Eligibility depends on factors like credit score, debt-to-income ratio, and employment history.

Borrowers must pay an initial deposit and ongoing monthly payments included in their mortgage payment.