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Mdolph6
So in Love....
Member since 3/07 1622 total posts
Name:
A Family of 4
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In your opinion..do you think its better to escrow or not??
We bought our house only 4 months ago and right now we are escrowing......Do you think its better not to escrow so at least you know there will/should never be a mistake??
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Posted 6/4/08 10:37 AM  |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: In your opinion..do you think its better to escrow or not??
Not only because of the event that there is a mistake (because believe me, it happens ALOT more often than you think), but I'd rather make the money in interest on that money, than have the bank do so. I prefer to have control over my money.
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| Posted 6/4/08 10:41 AM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: In your opinion..do you think its better to escrow or not??
I would prefer not to, but I think our bank is not giving us the choice 
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| Posted 6/4/08 10:42 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: In your opinion..do you think its better to escrow or not??
when we bought our house we were told we had no choice & in hindsight I wish we would have found another lender because we have had major problems.
we have another mortgage without escrow & its so much better.
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| Posted 6/4/08 10:45 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: In your opinion..do you think its better to escrow or not??
I think it's better not to escrow (if you are confident you will be able to put aside the necessary money to pay taxes/insurance when they come due).
On top of earning interest on your money - you aren't subject to an increase in payments due to an escrow shortage.
We pay our own taxes and are happy with the arrangement.
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| Posted 6/4/08 10:46 AM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
Name:
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Re: In your opinion..do you think its better to escrow or not??
Unfortunately, in today's mortgage market not many banks will give you that option - but its great if you find one that does.
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| Posted 6/4/08 10:51 AM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: In your opinion..do you think its better to escrow or not??
im confused. can you guys explain what you're talking about?
do you mean for closing the bank holds a certain amount of money in an escrow account for taxes? my bank is taking 6 months taxes.
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| Posted 6/4/08 10:54 AM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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Re: In your opinion..do you think its better to escrow or not??
most banks will allow you not to escrow your taxes if you put more than 20% percent down
we don't escrow and i a happy for that - our taxes were lower than expected our first year - and the extra money stayed in our savings account- where i could keep track of it
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| Posted 6/4/08 11:49 AM |
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RocNMel
LIF Adolescent
Member since 7/07 697 total posts
Name:
Melissa
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Re: In your opinion..do you think its better to escrow or not??
I think it's better to escrow.
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| Posted 6/4/08 11:55 AM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: In your opinion..do you think its better to escrow or not??
Posted by bicosi
but I'd rather make the money in interest on that money, than have the bank do so.
Actually, the banks give you the interest on your escrow. They deposit it into the escrow account. At year end you recieve a 1099INT with the money you earned.
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| Posted 6/4/08 12:03 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: In your opinion..do you think its better to escrow or not??
We prefer to escrow. We found it easier.
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| Posted 6/4/08 12:51 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: In your opinion..do you think its better to escrow or not??
we find it easier to escrow, but might have a different thought if we ever have a problem. But for now its fine. I don't have to worry about not spending that money. 
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| Posted 6/4/08 1:07 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: In your opinion..do you think its better to escrow or not??
Posted by qtdimps23
im confused. can you guys explain what you're talking about?
do you mean for closing the bank holds a certain amount of money in an escrow account for taxes? my bank is taking 6 months taxes.
We're talking about overall I believe. Having your taxes escrowed into your mortgage payment every month.
Yes, at closing you will have to pay a certain amount of months in taxes so that the bank has it on hand if you elect to have the bank pay your taxes for you.
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| Posted 6/4/08 1:09 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: In your opinion..do you think its better to escrow or not??
Posted by Jackie24
I would prefer not to, but I think our bank is not giving us the choice
We didn't have that option either because we didn't put down 20%. Once we get to that point though, I believe we have the option to pay our taxes on our own.
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| Posted 6/4/08 1:10 PM |
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Re: In your opinion..do you think its better to escrow or not??
Posted by smdl
We prefer to escrow. We found it easier.
Us too.
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| Posted 6/4/08 2:00 PM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: In your opinion..do you think its better to escrow or not??
Posted by VickiC
Posted by qtdimps23
im confused. can you guys explain what you're talking about?
do you mean for closing the bank holds a certain amount of money in an escrow account for taxes? my bank is taking 6 months taxes.
We're talking about overall I believe. Having your taxes escrowed into your mortgage payment every month.
Yes, at closing you will have to pay a certain amount of months in taxes so that the bank has it on hand if you elect to have the bank pay your taxes for you.
Thanks! I didn't know that was an option. I thought when I send in the mortgage payment it has to include the taxes.
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| Posted 6/4/08 2:12 PM |
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NancyD
I love this guy so much<3
Member since 5/08 1294 total posts
Name:
Nancy
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Re: In your opinion..do you think its better to escrow or not??
I didnt know there was an option to do it or not to do it.
I am fine with having it....this way i dont have to worry about saving the $ myself for the taxes and stuff.
After the first year we were in the house, we got a check that said we overpaid our escrow....We thought great, we can take that money and pay bills. WELL, we get a letter in the mail saying there was a mistake and we had to pay it all back. We got the same thing this year and we just turned around and put it right back in the escrow.
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| Posted 6/4/08 2:13 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: In your opinion..do you think its better to escrow or not??
we started out with our taxes in escrow. Then we lost STAR for this year and the taxes went up. The amount that they wanted us to increase in escrow was so much higher than the difference in taxes, we decided to take the money out of escrow. The bank had no problem with that. We did not put down 20%.
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| Posted 6/4/08 2:13 PM |
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k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
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Re: In your opinion..do you think its better to escrow or not??
Posted by Seles81
Posted by smdl
We prefer to escrow. We found it easier.
Us too.
Us too.
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| Posted 6/5/08 9:02 AM |
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