I am trying to refinance - I currently pay my taxes myself. I was told by my morgtage broker that I must now

Asked by Mlcg1216, Wayne, PA Wed Apr 22, 2009

I was told by my broker that now I must escrow my taxes in PA....That there is a new law - I had never heard this.. is this true?

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4
Michael D De…, , 18969
Mon Apr 27, 2009
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
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http://www.mortgagepro.instantlender.com
0 votes
Erica Ramus,…, Agent, Pottsville, PA
Thu Apr 23, 2009
Yes, the broker is right. If you don't agree to it you won't get the refinance.
Web Reference:  http://move2pennsylvania.com
0 votes
Heather Mori…, Agent, Allentown, PA
Thu Apr 23, 2009
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.
0 votes
Ralf Simon, Agent, Lansdale, PA
Wed Apr 22, 2009
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.
Web Reference:  http://www.RalfSellsFast.com
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