03/06/2023
Have you ever received an escrow refund check from your lender? These refund checks result from overages paid throughout the year into your escrow account (this is the account lenders use to pay your homeowners insurance and property taxes on your behalf!).
Here's a for you, instead of spending your refund, invest it back into your mortgage! That's right, use this refund to make an extra mortgage payment towards your principal balance. In doing so, you will decrease your loan amount. Even if you don't intend on staying in your home for the duration of your mortgage term, this will still come in handy when it comes time to sell your home or even during a refinance.
Want more tips? Drop your questions in the comments!