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Message
re: Mortgage Info question
Posted on 4/25/14 at 1:32 pm to fatboydave
Posted on 4/25/14 at 1:32 pm to fatboydave
You can usually pay of the shortage in a lump sum and keep your payment close to what it was, if that bothers you.
If there is an escrow/impound account on your mortgage, your payment can be affected by increases (and decreases!) in your home insurance and property taxes.
If there is an escrow/impound account on your mortgage, your payment can be affected by increases (and decreases!) in your home insurance and property taxes.
1
Posted on 4/25/14 at 4:01 pm to SanFranTiger
quote:
You can usually pay of the shortage in a lump sum and keep your payment close to what it was, if that bothers you.
If there is an escrow/impound account on your mortgage, your payment can be affected by increases (and decreases!) in your home insurance and property taxes.
I just had this happen to me. I had an escrow shortage of $800 due to increases in insurance and taxes, and now I'm faced with an additional $120 a month if I don't pay a lump sum, or $42 extra a month while paying roughly $850 to knock out the escrow shortage.
Is it worth it paying the lump sum, or does the opportunity cost of using all of that money now for the lump sum outweigh my lower monthly payment?
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