ejchase
2-4-12, 6:31pm
Hello All,
I got a letter a couple weeks ago explaining that, due to an escrow analysis, the bank that holds my mortgage owed me money - and a check for $3,500 was enclosed!
Then, today, I opened up my new coupon book for paying my mortgage, and due also to an "escrow analysis," my mortgage payment has dropped $260 per month.
I'm obviously very happy with both of these windfalls but also am a little worried it could go the other way.
Could my mortgage payment go back up next year? I trust it can't go above the estimated payment I had when I signed the papers (it was a fixed rate 30 year mortgage), but I find both of these developments puzzling.
The only thing that might have changed my payments is that I switched my car insurance to the same company that has my homeowners' which I think lowered my homeowners' rates slightly.
Also, my loan was bought by another institution this year, though the same bank is still "servicing" the loan.
I bought the house almost exactly a year ago.
Anybody have any experience with something like this? The only other time I had a mortgage, my payments stayed basically the same for the whole seven years I owned the house.
Thanks in advance for your help,
Elizabeth
I got a letter a couple weeks ago explaining that, due to an escrow analysis, the bank that holds my mortgage owed me money - and a check for $3,500 was enclosed!
Then, today, I opened up my new coupon book for paying my mortgage, and due also to an "escrow analysis," my mortgage payment has dropped $260 per month.
I'm obviously very happy with both of these windfalls but also am a little worried it could go the other way.
Could my mortgage payment go back up next year? I trust it can't go above the estimated payment I had when I signed the papers (it was a fixed rate 30 year mortgage), but I find both of these developments puzzling.
The only thing that might have changed my payments is that I switched my car insurance to the same company that has my homeowners' which I think lowered my homeowners' rates slightly.
Also, my loan was bought by another institution this year, though the same bank is still "servicing" the loan.
I bought the house almost exactly a year ago.
Anybody have any experience with something like this? The only other time I had a mortgage, my payments stayed basically the same for the whole seven years I owned the house.
Thanks in advance for your help,
Elizabeth