I am looking at the 'Escrow Details' on my mortgage and the "Last escrow analysis date" is listed as as 05/01/15. Obviously that date has yet to come. So what does this date represent?
1 Answer
Every once in a while, the lender will change the amount of your escrow payment. So, for example, if your property tax goes up next year, the bank will raise your escrow payment accordingly.
-
That is not really the question. I understand what it represents but I cannot understand why that date that is being listed had yet to pass. May 4, 2015 at 14:27
-
Since it's a new mortgage, there probably hasn't been an escrow analysis yet. So I'd guess that they're listing when they plan to do your first one in that field.– CodyMay 5, 2015 at 14:51