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Escrow adjustments

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Escrow adjustments

Can the bank adjust your mortgage payment and escrow payments more than just annually?


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Re: Escrow adjustments


@Nar4124 wrote:

Can the bank adjust your mortgage payment and escrow payments more than just annually?


...if you have an adjustable rate loan, it will depend on the mortgage contract terms, the prime rate, and any local tax rate adjustments ...back in the Carter misery index days I was forced into an ARM at 17% (to save my parent's house) where the PITI increased almost monthly ...and you practically couldn't give your house away Smiley Sad

 

...if you have a fixed rate loan, your mortgage paynent is "fixed" ...the escrow can be adjusted if the local tax rates change out of cycle or there are special assessments on your property

 

...most mortgages only see annual adjustments but the potential always exists ...hth


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