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Why does my escrow account analysis show my balance as the full amount that I barrowed 3 years ago?
I have an FHA loan and would like to refinance. I am confused as to how much I am refinancing for. Over the past 3 years, I have paid approximately $55,000 in monthly mortgage payments. I know some of this goes to various insurances, escrow, ground rent (live in the city) etc, but wouldn't I be refinancing for less than my original loan balance?
2 Answers
- HEATHERLv 61 decade agoFavorite Answer
If you are looking to refinance you should be looking at your principal balance and how that amount compares to what your house is worth. Not the escrow account.
Escrow is kind of a rotating account where you deposit money every month (via your mortgage payment) into that account and then when your property taxes and insurance are due, your mortgage company pays those costs out of your escrow account.
- golferwhoworksLv 71 decade ago
probably not since the first 15 years is mostly interest and very little goes to the principal
