Posted on: 20th Dec, 2010 08:25 am
When I bought my house I had to come up with one year of prepaid's for PMI, Homeowner's Inc and taxes.
Shouldn't that go into my escrow account balance? If I prepaid for one year - why was my starting escrow balance zero or already - after one year?
Shouldn't that go into my escrow account balance? If I prepaid for one year - why was my starting escrow balance zero or already - after one year?
Hi kimbpeterson!
Welcome to forums!
As far as I can understand, the lender should place the prepaid amount in the escrow. You should contact your lender and clarify the whole matter. He will be able to help you in a better way in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, the lender should place the prepaid amount in the escrow. You should contact your lender and clarify the whole matter. He will be able to help you in a better way in this matter.
Feel free to ask if you've further queries.
Sussane
PMI should have maybe escrowed none or one month at closing
Homeowners you must pay for first year home insurance befoe closing and escrow about two months.
Taxes depends on how often paid per year---annually or twice a year or quarterly. If you closed within 60 days of when next tax payments due, you should have paid those taxes at closing and escroed maybe one or two months.
Homeowners you must pay for first year home insurance befoe closing and escrow about two months.
Taxes depends on how often paid per year---annually or twice a year or quarterly. If you closed within 60 days of when next tax payments due, you should have paid those taxes at closing and escroed maybe one or two months.
