wanderlust7
DIS Veteran
- Joined
- Mar 10, 2015
I noticed when I was paying our car insurance that our homeowners insurance bill had a pay now button next to the statement. Since we escrow our homeowners insurance and property taxes, what happens if I pay the bill before Wells Fargo gets around to it? Since we are working on MSR for 2 cards, it would be nice to be able to pay it ourselves if possible!
Never tried this, but I think you'd still have to pay the regular monthly amount (with the amounts that go into the escrow account) and end up with a bigger reserve than you need. Eventually the bank would get around to refunding the excess. I've received a refund for excess reserve before, but due to their monthly calculations being off.
If you've had the loan for at least a year, you might want to request to remove the escrow account. I did that after I started churning and it was fairly painless (all done through SM).