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An escrow payment is an additional payment that a borrower makes along with their mortgage payment. This payment goes into a special account called an escrow account, which is set up by the lender. The money in the escrow account is used to pay expenses related to the property, such as property taxes and insurance. The idea behind this is to make sure that the borrower has enough money to pay these important expenses when they come due. Having an escrow payment can also protect the lender's interest in the property, and make the process of paying these expenses more convenient for the borrower. It's like a "savings account" for your home expenses, where you do not have to remember to pay it separately, it is included in your mortgage payments.
