Why Did My Mortgage Payment Go Up?
Most fixed-rate borrowers are surprised when the total monthly mortgage payment rises even though the note rate never changed. The usual culprit is the escrow portion, not the principal-and-interest (P&I) piece. Property taxes, homeowners insurance, and flood insurance can …
Escrow Analysis Explained
An escrow analysis is your mortgage servicer’s periodic review of the account that pays property taxes and insurance on your behalf. The servicer projects upcoming bills, checks your escrow balance, and sets a new monthly escrow deposit, sometimes collecting a shortage or ref…
Who Pays Closing Costs: Buyer or Seller?
Searchers asking who pays closing costs buyer or seller want a single rule. In US residential deals there isn’t one. Custom varies by state and metro, and the purchase contract can shift almost any fee. Still, patterns exist: buyers usually pay most lender-related costs, while s…
Mortgage Recast vs Refinance: Which Should You Choose?
A mortgage recast (reamortization) lowers your monthly principal-and-interest payment after you make a large lump-sum principal payment, keeping your existing loan and interest rate. A refinance replaces the loan entirely with a new rate, term, and closing costs. Choosing recast…