Did You Know The Reasons For Escrow Shortage?
Two Main Reasons For Mortgage Payment Increase And The Eventual Escrow Shortage are
1. Increase In Property Taxes
2. Increase in Property Insurance.
This Is Due To The Increase In Property Values Which In Turn Increases Your Assessed Property Value At The County's Property Appraiser. Thus The Increase In Your Property Taxes.
The Replacement Cost Of Your Property Increases Also, Causing The Increase In Property Insurance.
You Will Have An Escrow Shortage Usually At The Beginning Of The Next Year.
Why Not Embark On An Escrow Savings Account Or Just Place Money Aside? Then You Would be better Prepared For The Inevitable.
Filing For And Keeping Homestead Exemption On Your Primary Residence Lowers Your Property Taxes Significantly And Keeps your Property Taxes Low As Long As You Continue To Make It Your Primary Residence.
So Note Carefully Your Assesed Value And New Tax Amount In October.
Need More Information Or Have A Question, Please Feel Free To Call Any Of Our Agents.
