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Old 12-15-2010, 01:39 PM
 
Location: Eastend
173 posts, read 351,515 times
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Im a new home owner. this year will be my first time filing homestead exemption. I have an escrow acct. Will this cause my monthly mort. payment to decrease any?
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Old 12-15-2010, 02:20 PM
 
2,582 posts, read 7,688,020 times
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Well, maybe. File your homestead in January and your taxes will change. You will have to ask your mortgage lender to do an "escrow analysis" after the new tax structure with the homestead savings are in place.
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Old 12-15-2010, 03:10 PM
 
1,290 posts, read 4,843,068 times
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It is possible, but not too likely.

Your homestead will decrease your tax burden once you have filed it, but the title company may have estimated based on your homestead calculations.

Go back to your good faith estimate or your closing papers to see how much they estimated and see if it is the amount that you'll pay this year, or the amount you'll probably pay next year.
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Old 12-15-2010, 04:23 PM
 
Location: Houston area
1,408 posts, read 3,484,130 times
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Any decrease in taxes usually results in a refund after the calendar year of paying into the escrow account. You should notice a monthly change the following year.
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