Thursday, January 23, 2014

Escrow shortage & why my Wisconsin mortgage payment went up

Escrow shortage and why my Wisconsin mortgage payment went up


I get asked the following question every spring. Why did my Wisconsin monthly mortgage payment go up when I have a fixed rate? It doesn’t matter if you have an FHA, VA, or Conventional mortgage as long as you escrow for real estate taxes & home insurance your monthly payment will adjust each year. The fixed part of your payment is the principal & interest.

In the spring your lender will do an escrow analysis of the prior years payments. If your taxes or insurance went up or down they will adjust the amount that goes into your escrow account resulting in either a higher or lower total monthly mortgage payment.

If your real estate property taxes recently went down you can request an escrow analysis at anytime. The lender will typically request you send them a copy of the most recent tax bill & home insurance. If your assessment went down, but you don’t have a new tax amount they typically won’t adjust your escrow until after the new tax bill comes out.

Ron Meyer
(920) 213-0428
www.gsfron.com
rmeyer@gogsf.com
Home of the no appraisal refinance
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NMSL 222688

Sunday, January 19, 2014

Use Wisconsin tax return for downpayment on home purchase

Tired of paying rent with nothing to show for it? Use your Wisconsin tax return as a downpayment to buy a home. GSF Mortgage has many loan programs available to help you out whether you are a first time homebuyer or a current homeowner looking to move into a larger home.

FHA Mortgage with as little as 3.5% down which can be gifted
VA & USDA Rural Housing loans with 100% financing no money down
Conventional loans with as little as 5% downpayment.

Give Ron Meyer at GSF Mortgage in Little Chute, Wisconsin a call today at 920-788-9608 or apply online at www.gsfron.com to get preapproved today while rates are still low and before home values go higher this year.

Ron Meyer
(920) 788-9608
www.gsfron.com
rmeyer@gogsf.com
Home of the no appraisal refinance
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