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Personal Finances / Buying or Selling a Home
|Subject: Re: Escrow items during refi||Date: 1/25/2013 5:03 PM|
|Author: WotPeed||Number: 124603 of 128075|
Thanks for the detailed reply.
Taxes must be due soon, or there would not be a seperate line item for taxes due county. If taxes were not due soon, the money would be collected in the new escrow account being established. Title companies are not able to record a new mortgage at the court house if R.E. taxes are due. In this case it looks as if the title company established a line item to show they are collecting taxes and they (not the bank) will be making the next tax payment to the county.
Sounds ok so far.
The $1,577. covered what's due now. If you pay twice yearly, they will be due again in 6 months. The escrow account will need to collect 2 months of taxes at closing as you will probably only have 5 monthly mortgage payments before taxes are due again.
So that would imply that the existing escrow account should have enough to cover the $1577 that's due soon, right? So I should get a check for at least that amount some time after the closing?
If Chase had the original loan, ask them what they are doing with current escrow. The bank I'm with will apply the escrows of the current loan to the balance of that loan, reducing the payoff amount.
The current loan is with Chase as well (PNC has my HELOC). I'll ask the