Should I make mortgage payment when my home is in escrow?

Question

Besides a yes or no answer can you back up your answer? Thanks.

Answer 1

yes as if you go past the due date and grace period stated on the note then you will have to pay late fees. They will also call you and harras you the date it is due and not there

Answer 2

Yes, because your current loan terms remain in effect until closing - which is when it will be paid off through the sale. Otherwise, you will become delinquent, your credit will suffer, and your current bank will start the foreclosure process.

If you have a credit balance after your house is sold (and your loan is paid off), the bank would refund you the excess.

Answer 3

You need to pay it, that is one of the procedures of escrow, to keep these details straight.   You will be refunded any extra at close of escrow.

Answer 4

Talk to your title company (or escrow company as it's called in some states). Your paperwork will specify exactly when your first payment is due.

In the meantime, here's how the system works (simplified version).

On whatever day of the month you close, you don't make a payment on the first of the next month. Why? Because it's included in your closing costs.

Suppose you close on Aug. 15. The first of September payment is included in your closing costs so the first payment you would have to make is the first of October.

Answer 5

If you don't pay it, the escrow company will charge you that exact amount plus any late fees.  I know this to be true.

Answer 6

You make mortgage payments once the loan has been funded. Until you own the home, and until the money has been provided by a lender, you don't make mortgage payments.