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Hello folks,

Can anyone enlighten me regarding how the repayment of an overpayment into our escrow account is supposed to work?

We bought a new property earlier in the year and the property tax was estimated at @ $1430, and hence the escrow payment was set-up with this figure as a target. The actual bill has now come-in at $980, meaning we have over-payed by $450. I assume that is now due to me (hoping...)? At least this is what our Mortgage broker implied, during our closing session on the house in August. How do I recover this? Do I have to contact my Mortgage company or should this be done automatically somehow?

Thinking on, should this now reduce my Escrow monthly contribution?

Any advice/info would be most welcome :-)


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