So I saved $60 a month on oil! Yippee!!
I SWEAR....that same day....we got the new mortgage information.
Because of the mistake on our escrow account, our mortgage is not only going up the $41 for the missing bill....but another $60 because in one month it will fall below the federal minimum limit (we have an FHA loan) once bills are paid. They need to build the cushion back up. So they need to account for THAT too.
Now our mortgage is $100 more.
And our refi that we did in January....who cares that we got a lower rate? Our monthly out of pocket savings at this point is $100, we added $9,000 to to mortgage, and we are paying PMI for a minimum of 5 years.
This stupid escrow....I am tempted to remove the taxes and homeowner's insurance (which BTW, doubled this year) and just keep it as the PMI. I can do the same thing as an escrow account....put money in there until it is needed.
We are paying $598 a MONTH just for the escrow account now. The principal and interest payment is $1037. PMI is about $141 a month (which is part of the escrow). Our monthly "mortgage" payment would be about $1200 for principal, interest, and PMI (give or take...they need their cushion). In theory it is all the same amount of money (I would need to put about $400 a month away for taxes)....it just burns my biscuit that this happened.
I am just venting....
Not a good day......