UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next
Author: WotPeed Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127683  
Subject: Re: Escrow items during refi Date: 1/25/2013 12:27 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I just got an email reply from my loan officer:

I will explain it [lines] 1002, 1004 and 1320 are paid at the time of the closing because the taxes and HOI requires to have resolved before completing the rate re-finance. If you look a 206 you receive a credit (amount that’s already n your escrow) for prior loan. So Chase has to reestablish your escrow account. Also, when you see your new statement it should reflect the breakdown of escrow and principle.

I still don't see how the numbers add up. There's about $2100 being added to the loan balance to cover property taxes and HOI (line items 1002, 1004, and 1320). I now see that I'm receiving a credit for $915, which is supposed to be what's in my existing escrow account. Where does that extra $1185 go?
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Apple

The Saddest Place on iPhone Day
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement