2017 is winding down and 2018 will be here before you know it. Various web sites and blogs will soon be posting articles and tips on end of year financial planning and moves to make before the new year arrives. Some will address tax moves you can make now, while others address rebalancing your portfolio, opening an IRA, and steps to improve your financial position for 2018.
Last week, I wrote a post about Dallas area homeowners receiving notices from the mortgage companies regarding their monthly mortgage payments are increasing. This is due to their home insurance rate increasing, or an increase in property taxes, or some combination of both (see https://wiseinsurancegroup.com/home-insurance-property-taxes-and-escrow-accounts/). It turns out they aren’t the only ones receiving these notes!
I’ve received several calls from clients over the past couple of months. In each case, they’d received a notice from their mortgage company notifying them their mortgage payment was changing due to a deficit in their escrow account. They had the option of paying the escrow shortage or it could be factored into their already increased monthly home mortgage payment. The same thing happened to Sheri and me.
This sparked my thinking about what advice I’d give on the insurance side of personal finances to help you confirm you’re adequately covered and hopefully pay less than you did this year! So get out your policies, flip to the declaration pages, and let’s see what we can do in 30 minutes or less!
I’ve received calls from two different clients over the past two weeks. Each was about the same thing; they’d received a notice from their mortgage company notifying them of a deficit in their escrow account. They had the option of paying the escrow shortage or it could be factored into their already increased monthly home mortgage payment. Sheri and I also received the same notice a few weeks earlier.
My wife opened the notice from the mortgage company. Our payment had increased $20 a month over last year and she began to investigate why.Â
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