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pre-paid expense

Home Closing Costs Terminology: “Impounds” vs. “Pre-Paid’s”

What’s in a Word? “Imˈ- pound”:  seize and take legal custody of something — especially a vehicle, goods, or documents — because of an infringement of a law or regulation. –Dictionary definition Once upon a time, the fees that lenders collected in advance from home buyers for such things as property taxes and home insurance...
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