Escrow question/comment

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.07 Dollars($)

My mortgage company flexes my mortgage payment by about $10 every year back and forth or up and down. One year I have surplus and the next year they will lower and it is just enough to cover everything. Why would they estimate it a few hundred dollars higher one year over the other. It is nice to get the money back at the end of the year but there are times with the gas prices, I would rather have that $10 a month in my pocket, I can see estimated $50-$100 but it is always over $300 when they over estimate it. Why would they estimate so high?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Jbarto,

I think the amount rises and falls down because of property tax. Every year property tax also rises and falls down. So this happens accordingly.

Best of luck,
Larry

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Larry is probably right about the taxes. It is normal for your payment to fluctuate year to year because of this. All lenders readjust for this early in the year.

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