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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Escrow Taxes
I was told that we'll have to escrow the amount of the home's "true taxes" at closing, so the STAR rebate won't affect our monthly payment. (Taxes will be rolled into the mortgage pmt)
So please tell me what is the purpose of STAR? What are the benefits of it and how do we see them?
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Posted 3/31/11 11:29 AM  |
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AJsmom10
LIF Zygote
Member since 12/10 10 total posts
Name:
Liz
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Re: Escrow Taxes
I think with the state of the economy right now and the state considering doing away with the STAR program, the mortgage company wants to make sure they can cover the taxes with your escrow account. Any relieve on taxes is a good one, but if they do away with it the increase will be a bigger burden for most.
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| Posted 3/31/11 12:01 PM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: Escrow Taxes
if that is the case, in a year (maybe less) you will probably end up with a surplus in your escrow account and the mortgage company will send you a refund check.
The STAR will kick in and that amount will be paid, so you will end up with extra money in escrow.
Message edited 3/31/2011 1:15:29 PM.
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| Posted 3/31/11 1:14 PM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Escrow Taxes
Posted by caps612
if that is the case, in a year (maybe less) you will probably end up with a surplus in your escrow account and the mortgage company will send you a refund check.
The STAR will kick in and that amount will be paid, so you will end up with extra money in escrow.
Great, thank you! Then I assume my monthly payment will be adjusted to reflect the discount?
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| Posted 3/31/11 1:22 PM |
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