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New Mortgage

June 18th, 2018 at 01:36 pm

The new mortgage will completed today allowing me to finish one of my 2018 goals! Huzzah!

My new mortgage amount is $115,594.76.

Our new payment (counting escrow and some extra) is $750 which is actually lower than old mortgage and LOC. It ranged anywhere from $800 - $900 for interest ONLY on the LOC. It will be nice to see the numbers finally starting to go down albeit slowly.

The only thing I am upset about is that I am taking over the escrow for the insurance and taxes. Instead of asking me they just took all the escrow I had already built over the last year and used it to pay down the loan. Now my taxes are due in August and the insurance in November and I am going to have to start from scratch. Approximately $1,500, ugh. They took too long getting the papers together and too late to rewrite everything to give me the escrow. Oh well. I'll come up with it somehow. I put back $200 from this check already.

2 Responses to “New Mortgage”

  1. CB in the City Says:

    When I bought my house, years ago, my taxes and insurance were bundled with my mortgage payment. When I bought my condo, about six years, I started paying taxes and insurance separately. I actually like it a lot better. I feel more in control.

  2. rob62521 Says:

    I'm sorry they decided to take the money without checking with you.

    Like CB, we pay our taxes and insurance separately.

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