New Articles | Page 4 | First Home Mortgage

Shortage

Created On: 05/20/2024 in Escrow Statement FAQs

What is an escrow shortage? All escrow accounts have a minimum required balance , which equals your expected tax and insurance expenses plus some extra money in case your bills go up – this is called a cushion. If your escrow account balance is e...
Escrow Statement FAQs

Created On: 05/20/2024
Escrow Basics

Created On: 05/20/2024 in Escrow, Tax & Insurance

What is an escrow account? Think of it like a savings account dedicated to the tax and/or insurance expenses required for your property—and as your loan servicer, we help you manage it. Depending on the terms of your mortgage, your escrow account m...
Property Taxes

Created On: 05/20/2024 in Escrow, Tax & Insurance

I just received a property tax bill and have an escrow account. Do I need to send it to you? Yes, if you have an escrow account set up for your property taxes and you have received a tax bill, please email a copy to us so we can ensure timely p...
Escrow Waiver

Created On: 05/20/2024 in Escrow, Tax & Insurance

Can I remove my escrow account? Options to remove an escrow account from a loan vary based on factors such as state laws, investor guidelines, loan type, property type and Loan-to-Value (LTV) ratio. If the loan qualifies, tax payments and homeow...
Homeowner's/Hazard Insurance

Created On: 05/20/2024 in Escrow, Tax & Insurance

I have a new homeowners insurance policy. Do I need to send it to you? Yes, if you leverage an escrow account to help manage insurance expenses required for your property, you need to inform us of any changes in your insurance policy. You can s...
Escrow, Tax & Insurance

Created On: 05/20/2024
Newly Closed Loans

Created On: 05/20/2024
Recast FAQs

Created On: 02/21/2024 in Lower My Payment

Will a recast lower my monthly mortgage payment? If your loan is eligible, recasting your loan may be an option to lower your payment as an alternative to refinancing. A recast typically involves making a one-time payment to reduce your loan p...
Mortgage Recast Overview

Created On: 08/03/2023 in Lower My Payment

If you want to lower your monthly mortgage payment and have the means to make additional payments toward your loan principal, a mortgage recast might be a great option for you. Learn what a recast involves, how it can help you save now and long te...