Article Score0

We just bought a house and we got a 30 year fixed rate. We knew what are monthly payments were gonna be and we were fine with it. Now we got this thing called “Your annual escrow statement”. This has are current monthly payments, your escrow account shortage for $ 1,018 (what is this from?), It says our escrow is calculated from our mortgage insurance, county tax, and hazard insurance. We were told that our mortgage payment included everything (principal, interest, insurance and hazard insurance. Can they do this?????
Our payments are going up almost $ 200.
No, it’s not a new home.

5 Thoughts on Can somebody tell me what this escrow statement is for?
  1. Reply
    sassy2
    November 4, 2012 at 6:01 pm

    Yes but when you arranged for the loan the property taxes were based on the old value of the home. Once you purchased it the property tax increased to reflect the current value. That statement shows the amount your escrow account is short. You have two options One is to pay it in full or two roll it into the next 12 months payments and see your monthly payment increase by 85 a month.

  2. Reply
    nusias9
    November 4, 2012 at 6:18 pm

    If your taxes and insurance increase as will the need for your mortgage escrow funds to also increase.

    Hey in this economy look at this as a good thing.. your property is increasing value opposed to loosing it!!

  3. Reply
    ?
    November 4, 2012 at 7:10 pm

    Sassy answer may not be right…the real answer is that liberals love to raise taxes for their buddies in the school district (teachers) and your property taxes are higher now than when you purchased. Get use to it, cause it will never end.

  4. Reply
    reenzz
    November 4, 2012 at 7:24 pm

    I got one of those too when I first purchase my home. I seems that my property taxe rate were off due to an old assessment.

    There is really nothing you can do….happens often and can actually happen every year if your costs (insurance & taxes) goes up.

    Example: 15 years ago my mortgage payments were $ 1479.00….now I pay a little over $ 1900.00…just due to higher taxes and hazard.

  5. Reply
    Real Estate Guy
    November 4, 2012 at 7:55 pm

    IS THIS A NEWLY BUILT HOME???

    Leave a reply

    Register New Account
    Reset Password