When buying a home, there are a lot of new terms and processes to understand — and one of the most important is the escrow account . An escrow account  is a special savings account managed by your mortgage lender. Each month, a portion of your mortgage payment is set aside into this account to cover important bills like: 🏠 Property Taxes 🔒 Homeowners Insurance This way, when those big annual or semi-annual bills come due, your lender pays t