Posted on: 24th Jan, 2011 06:31 pm
Sir, I live in PA, and have a mortgage with Weichert. I requested my escrow account be closed, they refused. I have a credit rating of 822, bank account funds, and an LTV of 54%, I am no risk. Can thye refuse to cancel it?
Hi gmichael!
Welcome to forums!
Most lenders will want you to maintain the escrow account. You will be able to cancel the escrow account by refinancing your loan with your existing lender or write a new loan with a new lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Most lenders will want you to maintain the escrow account. You will be able to cancel the escrow account by refinancing your loan with your existing lender or write a new loan with a new lender.
Feel free to ask if you've further queries.
Sussane
Of course. Banks rather you escrow than not.
Yes, they can. From your question, you cut a deal (mortgage) and now you want to renege. Correct? The value of the escrow account was figured into the rate; normal escrow waiver fee is 0.25 discount point at time of origination. Cost the lender more to verify you paid real estate taxes yourself than to pay from escrow.