Will my mortgage payment be reduced?

By jkutner, 14 August, 2009, No Comment

You must notify your mortgage company of your reduction if you want your monthly escrow payments reduced. As evidence of the reduction you can copy the relevant page from your Central Appraisal District’s web site or you can request a certified copy of your appraisal record from your Appraisal District or, you can send a copy of your ARB Order t your mortgage company.

However, each mortgage company has its own procedures. Many do not reduce your monthly payment but credit your excess escrow account to your principal in January when tax payments are made. You may want to correspond with your mortgage company to make sure your savings go to reduce either this year’s or next year’s monthly payments rather than to principal reduction.

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