What the payment includes
The monthly mortgage payment may include principal, interest, taxes, homeowners insurance, mortgage insurance, and other applicable items.
The amount can change
Taxes and insurance premiums may rise or fall, so the servicer analyzes the account and may adjust the payment.
Shortages and surpluses
An annual analysis may show a shortage, deficiency, or surplus. The servicer explains available repayment or refund treatment.
Keep watching the bills
Even with escrow, review tax and insurance notices and confirm they are paid correctly. Escrow is an assistant, not a reason to stop opening mail.
Your next step
Let’s talk about what this means for you.
You do not have to figure out every mortgage detail on your own. Tell me the goal and we can work through the questions.
Ask Marta a question