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Some good news!

October 23rd, 2013 at 11:37 am

Fiance got a letter last month from his bank that he has his mortgage through. The escrow payment is changing...not sure why. But his monthly payment will be $50.00 less a month (starts in November) because of escrow going down. He also gets his surplus returned to him, which is $224.15. What good news! :-)

Also, last year we had to buy a refrigerator because ours broke on us and fiance put it on his Sears credit card, it was no interest for a year and we had no emergency fund back then. Last payment is this month, so that will be another $70.00/month!

5 Responses to “Some good news!”

  1. PauletteGoddard Says:

    Wait, wait, there are states and cities where taxes and assessments factoring into escrow go down? Whoa!! "There are more escrow costs directions in heaven and Nebraska, Paulette, Than are dreamt of in your philosophy"

  2. creditcardfree Says:

    Very nice news!

  3. debtfreeme Says:

    I would verify with the bank why the escrow amounts have changed. Was house reassesed and taxes went down? Mortgage interest rate dropped?

    Changing the payment almost $500 a month means a difference of $6k a year. Will they suddent jack it back up next year?

  4. Nebraska girl Says:

    Well, the monthly payment only went down $50.00 a month. The value of the house actually went up and the interest rate is the same. I'm not sure why it has changed. He got behind in May or June of 2011 and just didn't pay for a few months. I thought maybe it went up on him for a while since he had been behind? Not sure.

  5. Xtreme Thunder Says:

    We just got our escrow refund check of $191, however, our payment is being reduced $15.xx for 2014. Our taxes are based on 100% equalization rate of the assessed value of our home. If your assessed home value went up, tax levy was increased, it is possible your municipality changed your equalization rate? My parents, two municipalities North from us, pay taxes based on an equalization rate 50% of assessed value of their home, therefore, paying taxes on, for example, $100,000 when their home is assessed for $200,000.

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