I'm about a year and a half into my first mortgage and I noticed my payment has been lowered...
2007-11-20 01:39:56 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Most likely too much money was in your impound account for property taxes and homeowner's insurance. That is the most common reason for a reduction in your mortgage payment. You received a reconciliation statement from the mortgage servicing company that expained all of this.
Just a note, though. Most likely you'll wind up with too little in this year so your payment will very likely go back up next year. This is VERY common. My payments see-sawed for years until I was able to cancel the impounds and mange my own taxes and insurance.
2007-11-20 01:47:56 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 1⤋
It could be that the taxes have gone down and been adjusted with your mortgage payments. Could be temporary or could be permanent.
It could be that if you were /are paying PMI that it has been cancelled since your payments may have increased the property value.
Could be an insurance premium Adj.
It COULD be any of these but the best way to find out is just to ring up the Mortgage company and ASK!
2007-11-20 01:57:25 · answer #2 · answered by Anonymous · 4⤊ 0⤋