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Taxes with your mortgage or separate???
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Taxes with your mortgage or separate???
Posted by Kara
Posted by hazeleyes33
Posted by Kara
This is a big debate for us - as we are looking for a house now. I think we will opt for 2x a year. We're good with money and would prefer to earn that interest, rather than have all that money sit in escrow for the mortgage company.
Has anyone had any problems paying their taxes? I have some irrational fear that my taxes won't be properly allocated or something if we pay them ourselves. (Not sure why! I think someone put that in my head)
We just started doing this last year but we have had no problem and I actually like doing it this way. I also do not want the mortgage company making interest off my money, I will do that, thank you AND at 5%!!
Thanks! This is what I'm thinking.
I also assume this will lower our closing costs a bit?
That I do not know. We bought our house almost 11 years ago. We just started doing the taxes ourselves last year.
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Posted 7/20/07 1:49 PM  |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Taxes with your mortgage or separate???
Posted by hazeleyes33
Posted by MikesWife
Posted by hazeleyes33
We pay 2x year. I was tired of the mortgage company holding our money in escrow. Now I make the interest, not them.
Not that it matters, but the bank holds the money in a non-interest bearing account.
But every January they would need more money for the taxes and want more money either upfront or an increase in our mortgage to leave the money in escrow.
I decided to pay them by myself. If the taxes go up, fine then I will pay them but I like the fact that I am holding them money, not them.
Oh I agree. That's why I don't claim the highest tax deductions either. Because I would rather hold on to the money myself...
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| Posted 7/20/07 1:58 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Taxes with your mortgage or separate???
Posted by MikesWife
Posted by hazeleyes33
Posted by MikesWife
Posted by hazeleyes33
We pay 2x year. I was tired of the mortgage company holding our money in escrow. Now I make the interest, not them.
Not that it matters, but the bank holds the money in a non-interest bearing account.
But every January they would need more money for the taxes and want more money either upfront or an increase in our mortgage to leave the money in escrow.
I decided to pay them by myself. If the taxes go up, fine then I will pay them but I like the fact that I am holding them money, not them.
Oh I agree. That's why I don't claim the highest tax deductions either. Because I would rather hold on to the money myself...
Us too!!
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| Posted 7/20/07 2:19 PM |
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| Pages: 1 [2] |
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