Definitions for "Escrows"
The portion of the monthly payment that is not applied to principal or interest, but rather is used to pay mortgage insurance, homeowners insurance and property taxes.
Money that is paid with your monthly mortgage payment each month. By the end of the year the escrow monies paid should take care of your property taxes and/or your homeowners insurance.
Funds held in an account with the investor to pay future hazard insurance, taxes and private mortgage insurance bills when due.