Impound AccountsCurrently getting a new mortgage for a rental property, I have never had an impound account before and own a number of properties in California. I am being told that if I do not get an impound account there will be an additional 1/4 point paid by me for the risk the lender will be taking (what a joke). If I set up an impound account can I cancel it in a month and get the money in the account back and not pay any penalties? Has anyone else avoided this junk fee any other way?October 01 2012 - Las Vegas00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.