Can somebody tell me what this escrow statement is for?

Credit and mortgage advice Forums Home Insurance Can somebody tell me what this escrow statement is for?

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      Anonymous
      Inactive

      We just bought a house and we got a 30 year fixed rate. We knew what are monthly payments were gonna be and we were fine with it. Now we got this thing called “Your annual escrow statement”. This has are current monthly payments, your escrow account shortage for $ 1,018 (what is this from?), It says our escrow is calculated from our mortgage insurance, county tax, and hazard insurance. We were told that our mortgage payment included everything (principal, interest, insurance and hazard insurance. Can they do this?????
      Our payments are going up almost $ 200.
      No, it’s not a new home.



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