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What is a mortgage escrow account?

Your mortgage escrow account makes it easier to manage your mortgage payment along with property tax and insurance premium payments for your home. You don’t have to save for taxes and insurance separately, because your escrow account enables you to make one monthly mortgage payment for all. When you make a mortgage payment, part goes toward your mortgage to pay your principal and interest. The other part goes into your escrow account for property taxes and insurance premiums (for example homeowners insurance).

When your property tax or insurance bills are due, Old National pays those for you using the funds that have built up in your escrow account.

You can view your escrow account information within Mortgage Manager.