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Mortgage Questions: How Can I Reduce My Escrow Payment?

woman drinking coffee loking at laptopWe get a lot of mortgage questions. Some of the questions come from buyers before they actually get a house and a mortgage. Other questions come from homeowners who already have a loan and need something answered to make the home ownership situation more clear. Both situations prove helpful to prospective home buyers, and we wanted to address one question that may help you decide whether you can afford to buy a house. It also will help current homeowners in a similar situation.

Here is the question: "I would like help understanding my escrow payment and to find out if I can reduce this at all. I recently had to take on car payments as my old car became unreliable and I am also due to give birth in August. My finances are pretty tight and I really need to reduce this payment to maintain."

 

Let's take a look at an answer from a member of our servicing department. They work to help our clients with their mortgage loans. We don't want to see anyone fall behind and run into problems with their home loans. Keep in mind, this is advice and you should always talk directly with your mortgage lender if you need help.

 

To start off with our borrower, I would have the borrower check their insurance policy to make sure they have the most reasonable policy available. If they need to shop around to see if they can get a cheaper policy that covers everything required.

Then I would have them look into speaking with a tax assessor to have their home reassessed if it hasn’t been in a while. Also see if there are any programs their county may have with tax amounts.

 

Then we could also go over their budget together to see if there might be somewhere they may be able to cut back. Then if there is still no relief I would advise them to fill out a Borrowers Response Package - which is our application for assistance with their mortgage payments. This includes but not limited to a loan modification or possible a forbearance plan which temporarily reduces their mortgage payments. 

 

Hopefully this helps. If you're an AmeriFirst Home Mortgage client, you can always head to the servicing area on our website. There we have a form for you to fill out and our servicing department will help.

 

If you're looking to buy a house, click the button below. We're here to help, and we want to make sure the timing is right and your finances are in order - we're here to help educate you on the mortgage process and what it means to buy a home.

Get Mortgage Ready

 

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