I am on CLOUD NINE!!!

Home Forums Purchase Program I am on CLOUD NINE!!!

Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
  • #30642

    We were paying Bank of America $1851 on our mortgage. $645 of that was going to escrow. About $565 of that was going to taxes. Well, since our home was only valued at $9500 for the first year (instead of the $214,859 we paid), BOFA only paid $300 in taxes. So in 7-10 business days, BOFA will be mailing us a refund check of $7100. In addition, our payment will then go from $1851 to $1307. With the difference, we will create our own escrow account and pay our taxes directly each November. $7000 of that check will go to pay off credit card debt and $100 will be for blowing!

    We are very excited about NACA and homeownership. Nothing beats doing it the right way!


    Hello rashad3000,

    Wow! You’re absolutely correct… doing it the right way pays off!

    Thanks for sharing the fantastic news!

    Tim Trumble
    Online Operations, NACA

    Kristopher Fraley

    Holy Crap! That is amazing!

    So next year will your home be valued at 215k? So this is like a ‘free’ 7k that you were not expecting… and you only came out of pocket 4k~ to buy the points down….. does this mean that essentially you were +3k to buy the points down? That is even more jaw dropping.(If this makes sense)

    Our payment ended up increasing $20/month for the next couple of months to ‘recoup’ the extra tax that was not accounted for the first 8 payments we made. I am jealous sir!!!!!! lol


    Kris, the only thing we brought to the table was $4318 for the rate. The builder paid $7500. I knew there would be a huge refund, just didn’t know it would be this huge.

    Next year, I am going to dispute the value of my home from $215,000 to around $170,000. That should really help!


    Hello Rashad,

    I had a similar thing happen. My mortgage went down from $1038 to $926. We also got a refund of about $1800 I think (don’t quite remember). It seems too good to be true. $926 sounds more like rent money lol.

    I am curious to know if this now means all the escrow thing is sorted and that is now the ‘stabilized’ mortgage until taxes and insurance increase.

Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter