If you own a home, you have probably heard of an impound account, sometimes referred to as an escrow account. So what is an impound account anyway, and is it a good idea?
An impound account is an account that is set up so that you pay your mortgage company a monthly amount, which they hold to pay your property taxes and home insurance. Since these bills only come due about twice a year each, many average Americans have a hard time saving for them and gladly give their money interest-free to the loan companies to take care of it. Plus, this just means one less thing for you to worry about. (Or does it? Read
Mortgage companies are in this for a variety of reasons. First, they get to kee...