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Asked by JustLkg, Middletown, NY Thu Jun 26, 2008

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Answers

5
Ashok 'Shooo…, Agent, New York, NY
Thu Jun 26, 2008
Brent is correct, remember also, if you refinance keep track of the money in escrow, at times this money is "lost" when re-financing. Not always, but at imes...
Web Reference:  http://www.shoookie.com
1 vote
Brent Bester, , Columbus, OH
Thu Jun 26, 2008
Ridpc,

Yes that is correct, you have an escrow accoubnt set up. I reccomend this if you do not have a personal acountant that takes care of your bills. It eliminates alot of hassles by esrowing!

Brent Bester
Mortgage Profesional
614-622-8916
1 vote
Miriam Munzer, Agent, Middletown, NY
Fri Jun 27, 2008
P.I.T.I. = Principal, Interest, Taxes, Insurance.......covers all your monthly housing debt. This is the amount you should regularly get used to thinking of as your "Mortgage" payments. This is the amount you pay every month, whether you have an escrow account or not. Don't forget, all these amounts (PITI) are calculated annually and then divided by 12(Monthly).
0 votes
Yara Roussos, , Orange County, NY
Fri Jun 27, 2008
That is correct, howeverr, just be careful if it is a new construction....often when banks set up escrow for taxes for new construction, it is not correct because the taxes on the new construction had not been set yet at the time of closing.. If it is not estimated on what it should be you will get hit hard when the bank reajust your escrow to make up the difference the following year.
0 votes
Pascual Paul…, Agent, Bronx, NY
Fri Jun 27, 2008
You have an account with an escrow set-up and that is your monthly mortgage. You are correct. However every year, you get a status of escrow and you should look over to make sure it is correct.
Web Reference:  http://PaulMVPteam.com
0 votes
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