If you're one of the millions of home ทาวน์โฮมมือสอง กรุงเทพ owners who have a mortgage whether it's for your primary residence or one of your investment properties you've considered a refinance. In fact, you may have refinanced already and rates have dropped even further and you're thinking of doing it all over again.
You can lower your principal and interest payment when you reduce your rate but what you can't reduce is your monthly property tax and insurance payment using the new lower mortgage rate. You can negotiate lower property taxes with your taxing authority or lower your insurance payment with a lower premium but you can't affect either with a lower mortgage rate. But what happens when you refinance a mortgage with escrow or impound accounts?
Many mortgage holders make a monthly payment to their lender each month that contains a portion of the annual property tax bill and insurance premium. At the end of each year the lender then makes the tax and insurance payment, renewing your insurance and paying you property taxes.
When refinancing a loan with an escrow or impound account the accounts can't be transferred from your current lender to the new lender. Instead, should you decide to continue to have an escrow account you'll have to start a brand new one with your new lender. How much will your new escrow account need to be?
To establish your new escrow account you'll need to come in with an amount that approximates your current account. If you have six months worth of property taxes saved up in your account you'll need to bring six months' worth of taxes to the closing table. Your old lender will then refund your existing escrow account directly to you. The same occurs with your insurance escrow account, you'll need to replace the existing account with new funds and wait for a refund from your current lender.
It would be more convenient to have an escrow account simply transfer from one lender to the other but that's not how escrow and impound accounts operate. You'll need to provide a batch of brand new funds then wait for your refund from the old lender.
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