Re-Financing

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My mortgage was $1,657.73 a month and that includes my insurances and taxes paid out of it as I am on the road all the time working and racing. Fannie Mae a year ago bought the mortgage on October 1st, 2010. I received my monthly bill and it now has gone up to $1,893.52. I checked with the town of Waxhaw, NC and my taxes have not gone up and also with Union County and those taxes have not gone up. My home insurance went up $100.00 more. My Escrow is showing now from $292.00 to $593.00 a month. I am a bit puzzled here. Serterus which handles the collecting the mortgage says that is because they under estimated escrow projection and had to raise it. I have never received a letter are any intent of this. Is this legal and should I look to re-finance my home? The County Tax Office said something does not sound right.

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Answer #1

HI, THANKS FOR INQUIRING.. a couple of questions for you..

How much do you owe? What is your estimated value? What is your current interest rate?

Are you looking for a fixed rate or an ARM?

Answered By: choicefinance.net Level Rating

124points

Answer #2

Well what is your current interest rate? That's the number one reason to refinance. Clearing up an escrow problem isn't a good reason to do it. Because the problem must be resolved prior to the refinance.

Something is seriously of base though. A good loan officer can help you sort it out as part of the refinance and be an advocate for your position. If neither taxes or insurance jumped dramatically then my only thought is that you were on an IO ARM that adjusted? Is that the case? Anyway, we are here to help please let us know how we can help.

Thanks,

Brent

Answered By: Level Rating

97points

Answer #3

When you settle on your purchase mortgage or a refinance you set up your new escrow account for that loan at settlement. The deposits into your escrow account are shown on the 2nd page of your settlement statement which is known as a HUD1.

You should also receive in your closing papers an escrow projection showing how your escrow account will grow through the year as your make your mortgage payment and how and when your tax and homeowners insurance payments will be paid from this account.

Once a year you will receive an Escrow Analysis showing the actual activity of the escrow deposits and disbursement throughout the year. It sounds like your initial tax and/or insurance annual premium amounts used to calculate your initial deposit into your escrow account and included in your monthly mortgage payment where not accurate.

When the loan was sold to Fannie Mae, an analysis of the account brought this to light and your payment was increased so there would not be an Escrow shortage when the tax andOR the insurance is paid out.

The current mortgage payment is most probably now accurate where your original payment amount wasn't enough to cover your annual taxes and homeowners insurance. Refinancing won't shrink this portion of your payment. Refinancing will force an updated analysis of this escrow account and potentially find an error in the current account which should be set up properly in a refinanced new loan. You can request an escrow analysis from your current company without refinancing.

Depending on your current mortgage rate, refinancing might not be wise. Share your loan balance, interest rate, and terms with a Loan Officer to determine if refinancing makes sense for you or not.

Answered By: Eric Strasser Level Rating

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