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It has been reviewed. The monthly payment now is $1510.21
which includes P&I, Flood Ins, Homeowner's Ins, PMI, and property taxes. The P&I is $1103.17 per month.
Starting Jan 09, the new monthly payment will be $1502.08.
I am being given the option of paying a one time escrow shortage payment of $111.80 due Jan 1 09. If I pay it, my new monthly payment will be $1492.76.
What would you do? It seems like such a small amount, and I intend to fight the county property taxes, which will reduce the monthly payment a lot.
Its really 6 one way, half a dozen the other. On the one hand, you get an interest free loan on the shortage. On the other, its such a small amount, it doesn't matter.
I think I will put the shortage in savings and be done with it!
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