Sunday, January 29, 2017

Escrow Shortage

Once again Wells Fargo has decided that I have an escrow shortage.  Not only do I have an escrow shortage, but my mortgage payment is also going up by $5 a month even if I pay the shortage.  (I already paid the $79.40 shortage).  Having a mortgage sucks. 

I would really like to have enough money to pay off the entire mortgage, however, for now all I can go is pay an extra $110 a month on the principal. I have a 87.7% loan to value ratio.  My PMI is scheduled to drop off on 9/1/20.  I hoping to get under 80% by sometime next year. 


  1. Not sure the specifics of your loan but I have an early 2013 FHA loan (before they changed the rules) that after 5 years of payments if my loan is paid down to 78% I can have PMI manually removed. Just paying minimums would add 2.5 years to my PMI.

    1. I have a conventional mortgage, the pmi should drop off automatically once i reach 80% loan to value. Can't wait to pay it down far enough so i can use the pmi payment as extra principal payments.