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Message
Mortgage Info question
Posted on 4/25/14 at 8:53 am
Posted on 4/25/14 at 8:53 am
I was just taking a look at my mortgage payment because the amount seems to have gone up about $15 a month. In looking, there is a line on there listed as overage/shortage. That line is listed at just under $15...thus the difference in my monthly payment.
Anyone have any idea as to what that's about? It's not a huge issue or anything, I just don't like seeing my monthly payment going up randomly
Anyone have any idea as to what that's about? It's not a huge issue or anything, I just don't like seeing my monthly payment going up randomly
4
Posted on 4/25/14 at 8:55 am to Doldil
Escrow?
Posted on 4/25/14 at 8:58 am to Doldil
Call and ask?
Posted on 4/25/14 at 8:59 am to Cold Cous Cous
quote:
Call and ask
well that would make sense, but I hate talking to people on the phone so I figure why not try the money board first...tons of people here with information regarding this stuff and much quicker
Posted on 4/25/14 at 9:00 am to Doldil
I think it has to do with the property taxes. Mine did.
This post was edited on 4/25/14 at 9:01 am
Posted on 4/25/14 at 9:32 am to AUtigerNOLA
probably a deficiency in your escrow account. I would expect that you received a letter that looked like junk mail that told you that was going to happen.
Posted on 4/25/14 at 9:34 am to Doldil
quote:
Anyone have any idea as to what that's about?
Escrow... Either your property taxes changed or your insurance changed.
Some years you will owe more, other years you will get some back.
Posted on 4/25/14 at 9:40 am to Lsut81
Alright, thanks for the info gents...
You're probably right. My statement is emailed to me as well as sent by snail mail, so whenever I get something from the bank in the mailbox I generally just toss it in a pile to get shredded since I always assumed it was my statement. I guess I'll need to start actually opening those things to make sure
quote:
I would expect that you received a letter that looked like junk mail that told you that was going to happen.
You're probably right. My statement is emailed to me as well as sent by snail mail, so whenever I get something from the bank in the mailbox I generally just toss it in a pile to get shredded since I always assumed it was my statement. I guess I'll need to start actually opening those things to make sure
Posted on 4/25/14 at 12:28 pm to Doldil
If property taxes go complain to your tax assessor!
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.
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?
Posted on 4/25/14 at 10:27 pm to TakingStock
quote:
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?
I recall they allow you to divide it over 12 months without any type of interest. If there is no interest, the money can always earn a little somewhere else. If you're nervous you will spend it, then just open a quick online savings account and let it make a little money.
This is how my two houses have gone:
First year there is an overage because it is assessed at the previous price and they send you a check. Second year a shortage because they adjust escrow down because the tax is estimated to be around the previous year but the taxes would be on the new value. Third year, it is about right.
I just bought a house in August and received my overage check for about $600. I am making it work a little before they ask for about the same back next year to balance it out and plan to pay it over the full 12 months. Right now I am thinking of just a high yield savings account, but I am possibly going to put it somewhere a little more risky to see if I can squeeze some more money from it before they want it back.
I never pay back quickly when there is zero reason to do so.
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