|
Has anyone removed their taxes from their mortgage payment?
| Posted By |
Message |
Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
|
Has anyone removed their taxes from their mortgage payment?
We have been in our house for almost 3 years and are considering removing the taxes from the bill and pay them separately. Has anyone removed theirs before?
|
Posted 1/11/11 2:30 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Charly
LOVE!
Member since 5/05 12578 total posts
Name:
|
Re: Has anyone removed their taxes from their mortgage payment?
I haven't, I like not having to "save" up for a large payment twice a year. I like it spread out throughout the year.
I'm just curious, why would you want to. Is there a benefit?
|
| Posted 1/11/11 4:21 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Has anyone removed their taxes from their mortgage payment?
Posted by Charly
I haven't, I like not having to "save" up for a large payment twice a year. I like it spread out throughout the year.
I'm just curious, why would you want to. Is there a benefit?
You can possibly earn more interest on your money than what the bank will give you.
The bank will start reporting a smaller amount on your credit report since your monthly payment no longer includes taxes (which could improve your credit score).
When I sold my house, the bank sent in a tax payment they shouldn't have sent. It took me four months to get the money back from the town because the town would only refund the money back to the bank. BIG hassle.
I keep a separate high yielding bank account just for taxes and I move money in there every month similar to an escrow payment. So I have the benefits of having prepaid deposits, but I also have the benefit of being in control of my money.
|
| Posted 1/11/11 4:52 PM |
| |
|
maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
|
Re: Has anyone removed their taxes from their mortgage payment?
when we closed we asked the bank if we could pay our taxes on our own. I"m more comfortable controlling my own tax payments
|
| Posted 1/11/11 5:24 PM |
| |
|
Irishlass
LIF Adult
Member since 5/05 2961 total posts
Name:
Lisa
|
Re: Has anyone removed their taxes from their mortgage payment?
We pay our taxes separately. My DH has done it this way for years.
|
| Posted 1/11/11 5:40 PM |
| |
|
Potentially Related Topics:
Currently 324572 users on the LIFamilies.com Chat
|
