Mortgage question...

[Ja Rhule]

I did not have an option with the rate I was getting.

[Davidson Deac II]

I got an escrow. Can the bank increase my mortgage payment for no apparent reason? Just because they anticipate something? Also, we overpaid on our property tax, will the bank give us refund or that money will be held until house is paid off?

 

They cannot increase your mortgage payment unless you have an adjustable rate mortgage. 

 

However, they can and will increase your escrow payment if they determine that the payment was to low to cover the cost of taxes and or insurance.  They can also decrease it if they overestimated the amount due to the escrow.  The last time I refinanced, they overestimated, and sent me a refund as well as lowering the payment.  Then a year later, the county tax rate went up, so they increased my escrow payment slightly.

[Ja Rhule]

We figured out what happened...

They overstated property tax and they forgot to apply August escrow payment to our account. Some how our escrow payment disappeared so they asked us for additional funds to cover the missing escrow payment.

[Zaximus]

I had this happen, they screwed it up and had to fix it.  Glad you're good to go.  Just goes to show, keep up on your bills and stuff, crap DOES happen.

[Ja Rhule]

Yes sir. Never trust banks.