[ skip to main content ]

About WaMu | Locations | Contact Us |
Search this Site
Log in to Your Accounts
Log in to your accounts

Customer Service > Questions & Answers > Frequently Asked Questions > Personal Banking >

Home Loans (Servicing Your Loan)

What is an escrow account?

As part of your loan payment, you may deposit funds into an escrow account each month. The funds in this account are used to pay future bills such as real estate taxes, property insurance premiums, flood insurance premiums (if applicable) and other expenses for your property, which are described in your mortgage contract. Escrow accounts enable us to pay these bills when they become due. This type of account is sometimes known as an "impound account.