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everyone its Denis Donohue the mortgage nerd and today Im going to talk to you about your escrow account it is super confusing I get this question asked all the time so Ive got my whiteboard behind me were gonna draw that out and hopefully I can help make sense of it when youre buying new construction setting up your escrow account can be done in one of two ways and thats what I want to explain to you so lets just say first of all your escrow account is what holds your taxes and insurance its like a fancy way of saying savings account so every single month when you make your mortgage payment the portion for your taxes and your insurance go into the savings account and then at the end of the year your lender will pay the taxes and the insurance so the taxes the bill comes out in Texas every November and they pay it for you at the end of the year but what if youre buying a home lets say youre buying a new construction home in July how should you set your escrow account but her