We're just starting the process of refinancing our mortgage.  I locked in the rate yesterday.  With our current mortgage company, we are not required to escrow our taxes.  I would like to refinance with the same condition that we not have to escrow.  Am I out of luck if the new mortgage company requires us to escrow taxes as part of the deal?   We are long-time home owners in Wisconsin with greater than 80% LTV and pay our taxes in one payment every December. 

It will depend on your lender...as long as your taxes are current and always have been paid on time than it should not be a problem but will probably cost you .25% of your loan amount to choose the option to not escrow if your lender will allow.  Also your credit score may play a part in if this will be allowed.

In addition, with your loan being over 80% LTV, most lenders will require you escrow.  Like Jill mentioned, you can make a request, knowing there way be a small cost involved, for lender to reconsider waving the escrow requirement.

Good News - I just heard from my lender that we won't have to escrow taxes.  The rate will remain as originally locked and we will not incur any additional fee for doing so.

HomeOwner:

Good News - I just heard from my lender that we won't have to escrow taxes.  The rate will remain as originally locked and we will not incur any additional fee for doing so.

Congratulations...if you have any more questions please let us know and we will help you out.

Thats great HomeOwner, worked out perfect! Best Regards

Another MND success story!

Kent, I guess our work on this post is done! Another satisfied customer

Adam S:

Kent, I guess our work on this post is done! Another satisfied customer

On to the next one...