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Escrow surplus and monthly payment decreasing

Pleasant surprise, but want to make sure I’m not missing something/going to get screwed with a big bill in the future?

New home owner, bought March 2022. Less than 20% down so have an escrow account (to pay property taxes) included in my monthly payments.

My loan was sold in January of 2023 and at the time the new bank servicing my loan did an escrow analysis and determined I had a surplus and sent me a check for ~$2,600… great!

Last week they did another escrow analysis (I guess bc property taxes were just paid?) and again surprise- I have an escrow surplus and will get a check for ~$1,200….. AND they notified me that my monthly payment will be decreasing by ~$130/month.

I mean, that’s awesome and helps my budget a lot but I was not expecting this, if anything I worried it would go up.

Is this normal/happen to anyone else?

submitted by /u/Ok_Increase_2308
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/12w0cui/escrow_surplus_and_monthly_payment_decreasing/
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