Quote:
Originally Posted by Alton deFlat
Probably should check, but I've always heard that it's at the completion... or at least at a certain % of completion.
BTW, I've only had the loan for 9 months, and Wells Fargo determined that they had overestimated my escrow. They sent me a check for $144 about a month ago. Never had that happen before.
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I had it happen. I've also been dunned the other way. They re-evaluate the escrow every year.
TIP FOR ALL CURRENT HOMEOWNERS -- if your annual real estate taxes went down because of reduction in home value, you can then contact your mortgage company, send them a copy of the appraisal, and get an IMMEDIATE adjustment in the monthly escrow holdback. Otherwise, as Alton notes, they'll catch you up at the end of the year if there has been, basically, overwithholding.