My property tax was cut in half due to a homestead exemption and I asked my bank if I could request to have an escrow analysis now and not have to wait until January to receive my new lower payment and refund. My bank responded with a quick estimation of a lower payment and a potential refund amount and I was very pleased with the numbers. They also mentioned that they don't recommend an off-schedule escrow analysis because the next one will be completed within 60 days.

Sure, it's only 60 days, but having the money sooner than later is always better. I can put that money to work over those 60 days.

So is there a disadvantage to having an off-schedule escrow analysis completed? Or is the bank simply making a little bit more money off of me by keeping my escrow balance higher for that period of time? (This is my gut feeling).

Thanks for any input!


I recently requested an off-schedule escrow analysis. We refinanced a house in August and the servicer got confused about when the home owner's insurance was due (in October). They refunded the "insurance" money to us in September. That combined with the fact that the insurance amount was different than what they expected, made me request the escrow analysis. That way I can decide whether to pay up the escrow account now or do it over the next year.

The servicer agent just said that the monthly payment amounts might change again in January when they do the usual analysis. If you like to set up automatic payments, that would be a downside. I haven't done that yet, so not a problem for me.

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