Has anyone worked with Security National Mortgage before? My escrow went up, so I prepaid the estimated taxes and insurance, but my overall monthly premium went up although I have a fix rate. They sent me a escrow analysis, but it wasn't very clear compared to a previous loan I had with Wells Fargo. My question is......Do you think this is a legit mortgage company? Are they taking advantage of their customers with small fees of each customer? Their changing numbers each month is strange to me. Thoughts?
@Edward Brewington Call them on the phone they will clarify.
I have called them 3 different times and each person did not straighten out each loan until I talked to a supervisor. I prepaid the escrow for 2019 and wrote clearly "Escrow ONLY" and still it was not applied until I talked to a supervisor. I'm not sure if it's incompetence or willful ignorance.
Yes, they are legit. Our clients have closed several loans with them. After each closing, we do a post closing survey to see how we did and how the individuals we recommend did. Overall, they have high scores. Which Security National Mortgage office did your loan?
I corresponded with a group in Meza, Arizona as well as Sacramento, California in the beginning. They did have problems closing one property on time, although I had all my paper work and funds ready and done. Likewise, I had a problem after getting the loans, I could not get access to the website because I live abroad. I have a VPN now, but I'm still having trouble logging on and coordinating a time to call and speak to someone (it is midnight my time in East Asia). I don't have other problems with my other investments, but the 4 properties I have with this company has been challenging. I'm going to call again to make sure everything is straight as well as my problem logging onto their website. My question is......should my monthly premium go up, although I prepaid the escrow and insurance? Does that make sense? I'm going to make a request that the remainder of the fixed monthly payment amounts are first applied to the monthly interest payment, and secondly applied to reduce my loans principal amounts. Thoughts?
@Edward Brewington If I understand correctly you are talking about your impound account for the Taxes and Insurance, correct?
Impound accounts normally adust annually and would then carry a fixed payment for that year.
Yes.....it's a fixed rate for the escrow. They told me the escrow went up because my property taxes and insurance went up too. I understand that. My question is....Why did my monthly payment go up from last year, although I prepaid the total projection of the escrow for 2019? Shouldn't it go back to what I was paying before? Am I missing something. This monthly payment consists of the principal, interest and escrow. What are they doing with the extra $30 to $45 on each account?