can you lower your mortgage (without refinancing) by having excess in escrow once taxes and insurance are paid?

by The Ardvaark

Question by Daisymae: can you lower your mortgage (without refinancing) by having excess in escrow once taxes and insurance are paid?
My statement came in stating that I am under $ 15.00 in escrow for taxes to be paid in December. My mortgage payment went up by $ 3.00. Now while this is small, I was wondering if I had a surplus in escrow would the mortgage payment be adjusted to show that I pay less the following year because of the surplus?

Best answer:

Answer by Billy Shat
No. Your escrow balance can only grow to a certain amount over what they project your expenses are for the year. The remainder will be refunded.

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