[quote=bewildering][quote=HLS]
I don’t think you are going to get your loan servicer to adjust your impound account payments. Eventually you will get the overage refunded to you.
(You may even get a decent rate of interest on the excess funds in your account) Audits are usually done once a year, on their schedule.
Your loan servicer has a specific amount that they expect every month to keep your account current.
You really don’t want to mess with that.
You might be able to ask them to remove your impound account if you are willing to pay taxes & Insurance on your own going forward.
Please report back if they tell you that will adjust your payment manually.[/quote]
Thanks for the input.
I chatted with a representative. They confirmed what you had stated. They have no problem with me paying the property taxes, and will simply send a refund after the annual Escrow accounting in May 2018. I have already paid the mortgage payment due on January 1st. I read online that as long as you pay early enough then that month will count towards 2017 on your 1098.
ps I am stuck with an impound account AFAIK. Even though my LTV is about 60%. I should have asked for no impound account at my last refi.[/quote]
There is no reason to make the January payment this early.
Servicers have automated systems. December interest isn’t due until Jan 1st.
Depending on when your servicer sends out your next statement, you run the risk of having your payment credited ALL to principal as a reduction, and not to your January payment.
Make sure that your payment posts the way you intend it to.
Always safer to wait until statement is printed. Payment made the last week of December counts the same as payment made today.
What’s your loan balance & current interest rate ?
You may benefit by refinancing to a lower rate at no cost AND get rid of impound acct. Saving just a 1/8th of a point (.125%) can save a lot of money over time.
