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In this video, Mike Price, president of LTI Mortgage, addresses viewers dealing with escrow shortages that may have increased their mortgage payments to an unaffordable level. He suggests that refinancing is an effective way to resolve an escrow shortage by resetting and rebuilding the escrow account to an accurate level, thereby reducing the burden of increased mortgage payments. With current market rates, refinancing could result in lower interest rates and reduced payments compared to previous amounts. He also mentions scenarios where new homeowners may face unexpected tax and insurance rates set inaccurately by builders, leading to higher than anticipated costs.
