Is an escrow account the right choice for you? If you have a mortgage loan, the answer is most likely yes. An escrow account is an account that allows Royal to pay your real estate taxes, flood insurance, homeowners insurance, and private mortgage insurance on your behalf. If you use an escrow account, you add extra money to your monthly mortgage payment that goes into your escrow account to cover these costs. This makes it easy to budget for these items as a portion of your monthly payments instead of an annual expense.
