Mortgage/Loan druid questions

[Mike Alexander]

--On April 24, 2006 9:34:59 AM -0400 Josh Sled <jsled at asynchronous.org> 
wrote:

>> Escrow ???
>>         Guess this is which account you use to pay the loan from?
>
> Yes; it's an intermediate account you pay into, from which the loan is
> actually paid.

Are you sure about that?  I've never used the loan feature, but this is 
not the usual use of this term with loans in the US.  Often for 
mortgage loans a bank will require you to set up a separate escrow 
account which you pay into and they use to pay the taxes and insurance 
on the property being mortgaged.  This is separate from the loan 
payments.  I would assume the escrow account would be the account to 
hold these escrow payments and record disbursements for taxes, 
insurance, etc.

-- 
Mike Alexander           mta at umich.edu
Ann Arbor, MI            PGP key ID: BEA343A6