Wendy Yoskovich at Rate (NMLS #406509)

While the best rates usually go to those with a credit score of 740 or higher, you can qualify for a mortgage with lower scores, though you may face higher interest rates.

Common documents include proof of income (pay stubs, tax returns), bank statements, and credit history.

An increase in your escrow payment can happen for several reasons, all related to the costs that the escrow account covers—namely property taxes and homeowners insurance. Let’s break this down further: 1. Increase in Property Taxes Reason: Local governments periodically reassess property values, and if the assessed value of your home increases, your property taxes will likely go up. Additionally, tax rates themselves can change based on local budget needs. Example: If your property taxes were $3,600 last year but rise to $4,000, your escrow payment needs to increase by $400 annually (or about $33.33 per month) to cover the higher taxes. What You Can Do: Review your property tax bill to ensure it’s accurate. If you think your home was over-assessed, you may be able to appeal the assessment. Monitor local tax changes to anticipate increases. 2. Increase in Homeowners Insurance Premiums Reason: Insurance costs can rise due to factors like inflation, increases in construction costs, or claims made in your area (e.g., from natural disasters). If your insurance premium goes up, your escrow payment will need to adjust to cover it. Example: If your annual insurance premium rises from $1,200 to $1,500, your monthly escrow payment must increase by $25. What You Can Do: Shop around for better insurance rates to keep premiums manageable. Bundle your home insurance with other policies (e.g., auto insurance) to qualify for discounts. 3. Escrow Shortage from Prior Year Reason: If your lender underestimated the amount needed for taxes or insurance last year, there may have been a shortfall in your escrow account. To make up for the shortage and prevent it from happening again, your lender will increase your monthly payment. Example: Suppose your escrow account was short $300 last year. The lender might divide this amount over the next 12 months, increasing your monthly payment by $25. What You Can Do: If a shortage occurs, ask your lender if you can pay it as a lump sum instead of spreading it out over monthly payments. Monitor your annual escrow analysis to stay ahead of potential changes.

Wendy Yoskovich is a Shelby Township local loan officer at Rate, offering home purchase loans and refinancing services while simplifying the mortgage process.

Wendy Yoskovich’s services are available 24/7 every day of the week.

You can contact Wendy at (586) 337-3383 or via email at wendyy@rate.com.

Wendy’s office is located at 51315 Mound Road, Shelby Township, MI 48316, USA.

Common documents include proof of income (pay stubs, tax returns), bank statements, and credit history.

Pre-qualification is an estimate of how much you might borrow, while pre-approval involves verifying your finances in a more formal process.

A down payment typically ranges from 3% to 20% of the home’s purchase price, depending on loan type and lender requirements.

Nearby mortgage brokers include Robert Klein at Rate, Aleks Stefanovski at Rate, Tim Steinbrecher at Rate, Mike Does Mortgages, and Neno Bozinoski at Rate.

Yes, nearby health services include Stoney Creek Cosmetic & Family Dentistry, Lisa K. Zaborski (dentist), Frank P. Ruffino DDS, Thrive In Line Chiropractic, and Bassett Family Chiropractic.

Nearby restaurants include Napoli Pizza, Kabob Grill (Lebanese & Mediterranean), Utica Coney Island (American diner), and Max Liquor for beverages.