Did you Escrow payment go up
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Did your escrow payment go
Did your escrow payment go up? If you are a current home owner and you escrow for taxes and insurance- you need to watch this!
Every February, every lender in the country does a reanalysis of your escrow account. With the increase in property values over the last couple years, a lot of people are coming up short. The FIRST thing you want to do is make sure you have read carefully the escrow letter that they're going to send you in the mail. Be sure that there's no double payments and all the amounts that they paid out are actually correct.
SECOND: You can either take the total amount that was short and you can pay it in full or you can take an interest free loan dividing the amount by 12 and pay it out over the next 12 months in the form of a higher monthly payment.
If your payment is still out of control, there's one more thing that you can do that's a super hack. You could refinance and spread the escrow shortage out over 30 years. That way your payment is a as low as possible giving you some breathing room.
👉TikTok: @loanwithjen
👉Instagram: @loanwithjen
👉Facebook: Facebook: loanwithjen
Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
💻 Documents Needed to Get Pre-Approved Texas: http://checklist.loanwithjen.com/
💻 Loan With Jen | Do Business With Us!: http://apply.loanwithjen.com/
💻 Visit My Website - Mortgage Lender Houston | Loan With Jen Education - https://www.loanwithjen.com/
📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: Will Inquiries Hurt My Credit Score -...
▶️Why You Should Use A Local Lender: Why You Should Use A Local Lender | #...
▶️How to Buy A House With Low Income: 2020-How To Buy A Home With Low Incom...
▶️Using Rental Income To Qualify For A Mortgage: Using Rental Income to Qualify for A ...
Every February, every lender in the country does a reanalysis of your escrow account. With the increase in property values over the last couple years, a lot of people are coming up short. The FIRST thing you want to do is make sure you have read carefully the escrow letter that they're going to send you in the mail. Be sure that there's no double payments and all the amounts that they paid out are actually correct.
SECOND: You can either take the total amount that was short and you can pay it in full or you can take an interest free loan dividing the amount by 12 and pay it out over the next 12 months in the form of a higher monthly payment.
If your payment is still out of control, there's one more thing that you can do that's a super hack. You could refinance and spread the escrow shortage out over 30 years. That way your payment is a as low as possible giving you some breathing room.
👉TikTok: @loanwithjen
👉Instagram: @loanwithjen
👉Facebook: Facebook: loanwithjen
Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
💻 Documents Needed to Get Pre-Approved Texas: http://checklist.loanwithjen.com/
💻 Loan With Jen | Do Business With Us!: http://apply.loanwithjen.com/
💻 Visit My Website - Mortgage Lender Houston | Loan With Jen Education - https://www.loanwithjen.com/
📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: Will Inquiries Hurt My Credit Score -...
▶️Why You Should Use A Local Lender: Why You Should Use A Local Lender | #...
▶️How to Buy A House With Low Income: 2020-How To Buy A Home With Low Incom...
▶️Using Rental Income To Qualify For A Mortgage: Using Rental Income to Qualify for A ...
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