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Mortgage/Escrow Question
Posted on 7/29/13 at 12:39 pm
Posted on 7/29/13 at 12:39 pm
Been in this house for almost 3 years now. Small, 1200 sq ft first house. Anyway, the payment was $720 for the first 2 years. Last year, in July, we got an escrow refund check for $1275 AND our payment dropped to $670. I found it odd but it was a good thing for us so I never questioned it. This weekend, I get a letter from Chase that our escrow is increasing by $110 and our new house payment will be $780. I know, most of you will say be happy with a payment that low but we have a large amount of student loans and a baby on the way so every bit helps. What can this be attributed to? I've called the insurance company to see if the premiums increased. The annual premium was only $450 so it has to be more than that.
7
Posted on 7/29/13 at 12:55 pm to CQQ
One of the following went up:
Insurance premium
Flood insurance premium
Taxes
Insurance premium
Flood insurance premium
Taxes
Posted on 7/29/13 at 12:57 pm to CQQ
The only thing going into escrow should be property taxes and insurance. Did your property get reassessed? Also, sometimes it will change because of homestead exemption. That does seem like quite a large fluctuation in your payment, both down and up again.
Posted on 7/29/13 at 1:05 pm to Latebloomer
Not sure how to check on all of this. Maybe Chase can give a more detailed explanation?
Posted on 7/29/13 at 1:06 pm to CQQ
Escrow payments are usually the product of insurance (hazard / flood) and property taxes. Your bank does an annual assessment and either issues a refund or requires additional payment depending on how much you owe. Most escrow departments I have worked with will happily provide you with a statement of expected costs and at minimum an explanation of the increase / decrease.
Have you called Chase yet?
Have you called Chase yet?
Posted on 7/29/13 at 1:10 pm to CQQ
If you got a large refun check back that is usual if you didn't make any changes to insurance or you didn't get a tax exemption. Your tax info could have been wrong which generated a refund. If they found the error and corrected it, it would you make your payment go up since there might now be a shortage. If they did mess it up, there isn't much you can do. You can request for a longer shortage spread than just 12 months. I would call if I were you.
Posted on 7/29/13 at 2:38 pm to CQQ
Your statement doesn't tell you what they paid in taxes and insurance last year?
Posted on 7/29/13 at 7:07 pm to CQQ
My mortgage is with Chase also. According to the escrow specialist with Chase, July is Louisiana and Ohio's month for Chase escrow analysis. So, needless to say, they have been receiving a lot of calls from LA and OH.
anyway..... my monthly payment is also going up this year, by $75.
assuming your escrow statement looks identical to mine:
-go to page 2 of 4, under "This Year Oct '12 to Sept '13"
-in 11/2012 and/or 12/2012 you will seed your Estimated amount vs your Actual amount for your taxes. you can compare the differences there.
-your insurance is also on there. it will be under what ever date your insurance company bills you. again, you can compare the difference between "estimated and actual"
-the next page shows the following year.
you have to make up the shortage plus make up the difference for the following year.
The lady I spoke with was extremely knowledgeable and very nice. I recommended calling them: 1-800-848-9136 hit 0 to speak with representative.
like I said, I got lucky and the girl I spoke with was very helpful. If you get someone unhelpful, hang up and try again.
anyway..... my monthly payment is also going up this year, by $75.
assuming your escrow statement looks identical to mine:
-go to page 2 of 4, under "This Year Oct '12 to Sept '13"
-in 11/2012 and/or 12/2012 you will seed your Estimated amount vs your Actual amount for your taxes. you can compare the differences there.
-your insurance is also on there. it will be under what ever date your insurance company bills you. again, you can compare the difference between "estimated and actual"
-the next page shows the following year.
you have to make up the shortage plus make up the difference for the following year.
The lady I spoke with was extremely knowledgeable and very nice. I recommended calling them: 1-800-848-9136 hit 0 to speak with representative.
like I said, I got lucky and the girl I spoke with was very helpful. If you get someone unhelpful, hang up and try again.
Posted on 7/30/13 at 9:28 am to CQQ
Your property taxes probably went up. Mine went up $300 this past year and they just evaluated by escrow. My monthly payment went up almost $40/month
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