Escrow Overage?

We just got a rather large escrow check from our lender. Is this normal? When I spoke to friends who recently purchased homes, they said they got back a few hundred... we got a few thousand...

Not that I'm complaining- I just wanted to see if this happens sometimes.

TIA!

Re: Escrow Overage?

double check that they have all of your tax info right. Unless all of your taxes or you home insurance went down a lot suddenly that is A LOT to get back.

I would check it out b/c you can get stuck owing double on your escrow next year if a mistake was made.

Re: Escrow Overage?

This happened to us in October and sadly I believed it was all accurate. It was definitely not. Our closing was so screwed up that I had every reason to believe I was deserving of our escrow overage check and lowered monthly payments.

Then in January we found out they had been paying our taxes at the rate the little old lady who lived here before us was paying with all of her exemptions (even though we had other documents that disclosed the full amount). We now owe over $4,000 in a shortage from last year. Not cool.

Re: Escrow Overage?

thanks for the advice! I'll have DH call on Monday before we cash this bad boy.

Re: Escrow Overage?

In my experince - overage one year means shortage the next

A couple thousand is a lot to be over

I would call the bank and check the taxes and ins