An escrow account is an account held by a third party who manages the funds. Mortgage escrow accounts are held by your mortgage lender or other escrow holder to pay your property taxes, homeowners insurance and possibly homeowners’ association fees (if you have them). Payments are made to the appropriate parties when they’re due.
It’s incredibly important that you make your monthly mortgage payments during the holiday months. And while your mortgage is probably the last thing you want to think about during this jolly time, keeping up with it – even during the holiday season – can give you peace of mind and help prevent financial struggles.