We Can Help You Build Memories in Your Dream Home
Experienced mortgage professionals to guide you through every step .
Buying a home is one of the most important and largest investment decisions you might ever make. Our team understands that and whether you are a first-time home buyer or looking to refinance, our professional mortgage loan officers will truly be your partner throughout the entire process. They will answer all your questions and be there to help guide you through the process with the common goal of getting you that dream mortgage so you can move into your dream home.
Our team is ready to help you get pre-qualified so you can determine the loan amount that works with your budget. Then get pre-approved before you begin looking at homes or visit a realtor.
With a Texas Bay Mortgage you can count on...
- Historically Low Rates
- Fast Closings
- Flexible Terms
- Easy Online Application
- And MORE!!!
Applying online is as easy as 1-2-3.
Annual Escrow Review
On an Annual Basis, Texas Bay Credit Union reviews your escrow account to ensure we have enough to
pay your upcoming taxes and/or insurance premiums.
Any differences between what we expected to pay out and what we actually paid out could impact
whether your escrow account has a shortage, deficiency or a surplus.
Shortage occurs when you do not have enough money in your escrow account to start off the year. The
system calculates how much we’re going to pay out this year while still making sure we don’t go below
the required minimum balance in the account. If you have a deficiency or shortage, it will automatically be spread out over the next 12 months, unless you bring the shortage/deficiency payment in before the deadline of February 21, 2021.
Deficiency means that your escrow account actually went negative after we paid all of the taxes and
insurance amounts for this year (March to March). If you have a deficiency, you will also have a
shortage. This will also be spread over the next 12 months and added your base escrow payment if not
paid before the deadline of February 21, 2021.
Surplus occurs when you have more than enough in your escrow account to start off the year. Any
applicable additional funds will be mailed to you in the form of a check on March 1.
What is the last day to bring in my funds for the deficiency and/or shortage?
February 21, 2021.
Will my escrow payment amount change from year to year?
It is highly likely it will change. The escrow payment amount is made up of your taxes and insurances for
the whole year, divided by 12. So if the the taxes and/or insurance premiums change the escrow payment
amount will change.
For information purposes only.
Ready to work with one of our Mortgage Team Members?
Our team of mortgage professionals are here to help answer questions and assist you in moving into the home of your dreams.