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Can I have an impound account so that I don’t have to worry about payments for property taxes and insurance?

While you cannot set up a traditional impound account, depending on the payment plan you select, your lender can pay property charges for you by:

  1. Withholding funds from monthly payments due to you
  2. Charging such payments to your line of credit, or
  3. Creating a set-aside fund to pay for these items