Mlcg216,
If your loan is more than 80% of the appraised value of your home, you must escrow your taxes. If your loan is less than 80%, you may pay them yourself like you do now. However, there is a fee to have the escrows waived.
Feel free to contact me if you have any further questions. The very best of luck to you!

Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com

Yes, the broker is right. If you don't agree to it you won't get the refinance.

Hello Micg1216:

Yes, your Mortgage Broker is right. Any home loan with less than 20% down will need to escrow their property taxes and homeowners insurance.

Hi Micg1216,

You only have to escrow taxes if your loan to value is greater than 80%. If it is less you do not have to escrow.