Now THIS Would Be Awesome

Found this story today on a local newsfeed…

S.C. Homeowners Likely To See Reductions In Mortgage Payments

Many South Carolina homeowners should see a refund and a reduction in their monthly mortgage payments once their lenders pay their tax bills this month. The school operating portion of property taxes was removed by a law that took effect in June. Those taxes are usually about half of most property tax bills.

But many lenders kept charging the same amount for property taxes throughout 2007, meaning homeowners’ escrow accounts will have more money than needed to pay taxes. Not only should many homeowners get a refund, they also should see their monthly payments drop.

We already knew our property taxes went down – in December we paid $400 less than we paid last year. But the mortgage statement we paid this morning was the same old amount. I’ll love it next month if our mortgage payment is reduced AND we get a refund on the extra escrow from last year.