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
Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
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