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Escrow Update

November 15th, 2019 at 05:06 pm

I had this escrow thing all screwed up. My analysis was completed and there will not be a no refund. Apparently I’m required to keep a certain amount in this account. 🙄🤦🏽‍♀️

My mortgage did decrease by $3, however.

I balanced my cash envelopes and under budget in all categories, that’s a win.

Posted in Budget | 4 Comments »

4 Responses to “Escrow Update”

  1. creditcardfree Says:
    November 15th, 2019 at 06:41 pm 1573843303
    1573843303

    Yes, most banks that handle escrows must keep a twice the monthly escrow amount in the account at all times to account for increases. Read your loan documents for when you can handle your own escrow, usually it is once your loan balance is 78% of the original loan amount.

  2. Amber Says:
    November 15th, 2019 at 06:52 pm 1573843944
    1573843944

    Thanks CCF, I do remember reading something on that, thanks for the reminder, I’ll go back and view.

  3. crazyliblady Says:
    November 15th, 2019 at 10:10 pm 1573855847
    1573855847

    I save a little bit, like abour $5 out of each paycheck, all year round just in case I have to pay extra to escrow.

  4. rob62521 Says:
    November 17th, 2019 at 07:14 pm 1574018078
    1574018078

    Probably very smart, crazyliblady. Better to have more than what you need.

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