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Annual Impound Account Analysis

April 21st, 2014 at 07:10 pm

My lender has conducted their annual analysis, and the news is good. I have in my hand a check for $146.72, which I will apply to my mortgage balance tomorrow. And beginning June 1, my PITI payment is decreasing from $1111.38 to $1080.64. I will continue to pay $1130 and enjoy a bit more going towards principal.

This is due primarily to my new homeowner's insurance policy being cheaper than my last one. Shopping your insurance provider pays. Smile

2 Responses to “Annual Impound Account Analysis”

  1. snafu Says:

    Although you didn't say it, I'm jumping to the conclusion that the $ 146. 72 is being applied directly to principal as is the $ 30.74 payment reduction.

  2. Petunia 100 Says:

    Yes, that's right Snafu, it is all going directly to principal. Smile

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