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An account with a financial institution used to pay taxes and insurance is called __________. a. an ARM b. a balloon loan c. an escrow d. account PMI
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An account with a financial institution used to pay taxes and insurance is called __________. a. an ARM b. a balloon loan c. an escrow d. account PMI

User ORHAN ERDAY
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1 Answer

6 votes

Answer:

C) an escrow

Step-by-step explanation:

An escrow account is a bank account that is used to safeguard money for specific purposes and payments. An escrow account serves several purposes including:

  • paying taxes and insurance
  • holding earnest money during a real estate transaction
  • hold funds intended for purchasing shares or other specific assets
  • collect rent and/or fees related to real estate management

User Ttzn
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