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KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
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about closing on LI
Is it true that at closing you have to have:
a year of taxes paid up front?
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Posted 11/10/11 2:24 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
seeinstarz
LIF Toddler
Member since 1/08 382 total posts
Name:
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Re: about closing on LI
It depends on the bank and when you close. If the taxes are due to be paid you might need to pay 8 months at closing..6 months to pay current taxes and 2 months to put in escrow.
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| Posted 11/10/11 2:28 PM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: about closing on LI
Depends on when you close, you pay the remaining months off.
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| Posted 11/10/11 2:33 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: about closing on LI
Depends on your bank and when you are closing
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| Posted 11/10/11 2:53 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: about closing on LI
Don't escrow your taxes and you don't have to pay anything up front. Done.
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| Posted 11/10/11 3:12 PM |
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Re: about closing on LI
Posted by ave1024
Don't escrow your taxes and you don't have to pay anything up front. Done.
Unless you are putting 20% down and getting a conventional mortgage, I believe you are required to escrow your taxes. Paying them directly yourself is not an option.
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| Posted 11/10/11 5:28 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: about closing on LI
Posted by Century 21 Dallow - Christine Braun
Posted by ave1024
Don't escrow your taxes and you don't have to pay anything up front. Done.
Unless you are putting 20% down and getting a conventional mortgage, I believe you are required to escrow your taxes. Paying them directly yourself is not an option.
You are right, stop misleading people ave1024. Not everyone can do that...
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| Posted 11/10/11 7:12 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: about closing on LI
Posted by Century 21 Dallow - Christine Braun
Posted by ave1024
Don't escrow your taxes and you don't have to pay anything up front. Done.
Unless you are putting 20% down and getting a conventional mortgage, I believe you are required to escrow your taxes. Paying them directly yourself is not an option.
We put over 20% down with a conventional mortgage and still had to escrow our taxes.
Message edited 11/10/2011 7:26:35 PM.
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| Posted 11/10/11 7:25 PM |
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CindySN23
Stop, Think & Breathe...
Member since 8/11 3550 total posts
Name:
Cindy
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Re: about closing on LI
Posted by CAMCaps
Posted by Century 21 Dallow - Christine Braun
Posted by ave1024
Don't escrow your taxes and you don't have to pay anything up front. Done.
Unless you are putting 20% down and getting a conventional mortgage, I believe you are required to escrow your taxes. Paying them directly yourself is not an option.
We put over 20% down with a conventional mortgage and still had to escrow our taxes.
We put close to 40% down and we still had to escrow taxes...the bank said that after the first full yr of paying with no issues we would have the option of paying it ourselves.
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| Posted 11/10/11 8:40 PM |
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omg080211
LIF Zygote
Member since 8/11 16 total posts
Name:
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Re: about closing on LI
I agree with PP... we put about 35% down on a conventional mortgage in 2010. We did not have the option to pay taxes ourselves.
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| Posted 11/11/11 8:17 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: about closing on LI
Posted by Mrs213
Posted by Century 21 Dallow - Christine Braun
Posted by ave1024
Don't escrow your taxes and you don't have to pay anything up front. Done.
Unless you are putting 20% down and getting a conventional mortgage, I believe you are required to escrow your taxes. Paying them directly yourself is not an option.
You are right, stop misleading people ave1024. Not everyone can do that...
Misleading? My point is still a valid point as the OP never said how much she was putting down. Many people here do have the funds to put 20% or more down. If you aren't putting enough down where your bank is REQUIRING escrow... then hey that's the breaks. And even if you put less than 20% down, if you do enough complaining you can possibly get it waived.
But anyways given a choice, don't escrow. How many threads get posted here from people complaining about escrow shortages? It's a broken system.
Frankly I do not want some other entity controlling my tax payments (and possibly screwing them up). Thank you but I will pay my taxes myself.
In the Town of Oyster Bay... they give you a DISCOUNT for paying your taxes early. You don't get this discount if you escrow.
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| Posted 11/11/11 9:13 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: about closing on LI
Posted by mama2b
We put close to 40% down and we still had to escrow taxes...the bank said that after the first full yr of paying with no issues we would have the option of paying it ourselves.
Posted by omg080211
I agree with PP... we put about 35% down on a conventional mortgage in 2010. We did not have the option to pay taxes ourselves.
Which banks? You typically have to put up a stink to get the escrow removed as the banks like to have their "control".
I have sucessfully removed escrow from my last two mortgages, the most recent being with Nassau Educators FCU. They said it needed "managers approval".
So yes it can be done. There is no NYS law that requires you to take escrow. It's all bank propoganda.
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| Posted 11/11/11 9:15 AM |
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omg080211
LIF Zygote
Member since 8/11 16 total posts
Name:
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Re: about closing on LI
Posted by ave1024
Posted by mama2b
We put close to 40% down and we still had to escrow taxes...the bank said that after the first full yr of paying with no issues we would have the option of paying it ourselves.
Posted by omg080211
I agree with PP... we put about 35% down on a conventional mortgage in 2010. We did not have the option to pay taxes ourselves.
Which banks? You typically have to put up a stink to get the escrow removed as the banks like to have their "control".
I have sucessfully removed escrow from my last two mortgages, the most recent being with Nassau Educators FCU. They said it needed "managers approval".
So yes it can be done. There is no NYS law that requires you to take escrow. It's all bank propoganda.
Personally, I prefer escrowing our taxes. But, to answer your question, the loan originated with Continental Home Loans.
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| Posted 11/11/11 9:30 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: about closing on LI
we put down 20% and didn't escrow with Continental .
Like previous posters said amount will vary depending on when closing. Bank should be able to give you an estimate.
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| Posted 11/11/11 9:43 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: about closing on LI
Posted by omg080211
Posted by ave1024
Posted by mama2b
We put close to 40% down and we still had to escrow taxes...the bank said that after the first full yr of paying with no issues we would have the option of paying it ourselves.
Posted by omg080211
I agree with PP... we put about 35% down on a conventional mortgage in 2010. We did not have the option to pay taxes ourselves.
Which banks? You typically have to put up a stink to get the escrow removed as the banks like to have their "control".
I have sucessfully removed escrow from my last two mortgages, the most recent being with Nassau Educators FCU. They said it needed "managers approval".
So yes it can be done. There is no NYS law that requires you to take escrow. It's all bank propoganda.
Personally, I prefer escrowing our taxes. But, to answer your question, the loan originated with Continental Home Loans.
Well based on what I said and now based on what JandJ said you were obviously misled.
Banks WANT you to escrow. I have had the pee-on mortgage customer service reps tell me "you can't escrow". A simple call in with a loan officer or request to an underwriter always gets my escrow taken off.
I simply tell them if they don't remove the escrow I will be taking my business elsewhere. They seem to have no issues after that.
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| Posted 11/11/11 10:07 AM |
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omg080211
LIF Zygote
Member since 8/11 16 total posts
Name:
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Re: about closing on LI
Posted by ave1024
Posted by omg080211
Posted by ave1024
Posted by mama2b
We put close to 40% down and we still had to escrow taxes...the bank said that after the first full yr of paying with no issues we would have the option of paying it ourselves.
Posted by omg080211
I agree with PP... we put about 35% down on a conventional mortgage in 2010. We did not have the option to pay taxes ourselves.
Which banks? You typically have to put up a stink to get the escrow removed as the banks like to have their "control".
I have sucessfully removed escrow from my last two mortgages, the most recent being with Nassau Educators FCU. They said it needed "managers approval".
So yes it can be done. There is no NYS law that requires you to take escrow. It's all bank propoganda.
Personally, I prefer escrowing our taxes. But, to answer your question, the loan originated with Continental Home Loans.
Well based on what I said and now based on what JandJ said you were obviously misled.
Banks WANT you to escrow. I have had the pee-on mortgage customer service reps tell me "you can't escrow". A simple call in with a loan officer or request to an underwriter always gets my escrow taken off.
I simply tell them if they don't remove the escrow I will be taking my business elsewhere. They seem to have no issues after that.
I was not 'obviously misled'. You don't know the circumstances, so just stop it.
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| Posted 11/11/11 10:49 AM |
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TruePisces
LIF Infant
Member since 10/11 70 total posts
Name:
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Re: about closing on LI
I didn’t escrow my taxes, and put 20% down at closing. You have to let the bank know you plan on paying your taxes yourself. I pay the town directly and prefer to have the control.
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| Posted 11/11/11 2:51 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: about closing on LI
Posted by ave1024
Posted by omg080211
Posted by ave1024
Posted by mama2b
We put close to 40% down and we still had to escrow taxes...the bank said that after the first full yr of paying with no issues we would have the option of paying it ourselves.
Posted by omg080211
I agree with PP... we put about 35% down on a conventional mortgage in 2010. We did not have the option to pay taxes ourselves.
Which banks? You typically have to put up a stink to get the escrow removed as the banks like to have their "control".
I have sucessfully removed escrow from my last two mortgages, the most recent being with Nassau Educators FCU. They said it needed "managers approval".
So yes it can be done. There is no NYS law that requires you to take escrow. It's all bank propoganda.
Personally, I prefer escrowing our taxes. But, to answer your question, the loan originated with Continental Home Loans.
Well based on what I said and now based on what JandJ said you were obviously misled.
Banks WANT you to escrow. I have had the pee-on mortgage customer service reps tell me "you can't escrow". A simple call in with a loan officer or request to an underwriter always gets my escrow taken off.
I simply tell them if they don't remove the escrow I will be taking my business elsewhere. They seem to have no issues after that.
I'm sorry, but you just sound like the most unpleasant person to ever have to do business with.
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| Posted 11/11/11 7:08 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: about closing on LI
Posted by Shroggie
Posted by ave1024
Posted by omg080211
Posted by ave1024
Posted by mama2b
We put close to 40% down and we still had to escrow taxes...the bank said that after the first full yr of paying with no issues we would have the option of paying it ourselves.
Posted by omg080211
I agree with PP... we put about 35% down on a conventional mortgage in 2010. We did not have the option to pay taxes ourselves.
Which banks? You typically have to put up a stink to get the escrow removed as the banks like to have their "control".
I have sucessfully removed escrow from my last two mortgages, the most recent being with Nassau Educators FCU. They said it needed "managers approval".
So yes it can be done. There is no NYS law that requires you to take escrow. It's all bank propoganda.
Personally, I prefer escrowing our taxes. But, to answer your question, the loan originated with Continental Home Loans.
Well based on what I said and now based on what JandJ said you were obviously misled.
Banks WANT you to escrow. I have had the pee-on mortgage customer service reps tell me "you can't escrow". A simple call in with a loan officer or request to an underwriter always gets my escrow taken off.
I simply tell them if they don't remove the escrow I will be taking my business elsewhere. They seem to have no issues after that.
I'm sorry, but you just sound like the most unpleasant person to ever have to do business with.
Or talk to for that matter...
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| Posted 11/11/11 9:29 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: about closing on LI
Posted by Mrs213
Posted by Shroggie
Posted by ave1024
Posted by omg080211
Posted by ave1024
Posted by mama2b
We put close to 40% down and we still had to escrow taxes...the bank said that after the first full yr of paying with no issues we would have the option of paying it ourselves.
Posted by omg080211
I agree with PP... we put about 35% down on a conventional mortgage in 2010. We did not have the option to pay taxes ourselves.
Which banks? You typically have to put up a stink to get the escrow removed as the banks like to have their "control".
I have sucessfully removed escrow from my last two mortgages, the most recent being with Nassau Educators FCU. They said it needed "managers approval".
So yes it can be done. There is no NYS law that requires you to take escrow. It's all bank propoganda.
Personally, I prefer escrowing our taxes. But, to answer your question, the loan originated with Continental Home Loans.
Well based on what I said and now based on what JandJ said you were obviously misled.
Banks WANT you to escrow. I have had the pee-on mortgage customer service reps tell me "you can't escrow". A simple call in with a loan officer or request to an underwriter always gets my escrow taken off.
I simply tell them if they don't remove the escrow I will be taking my business elsewhere. They seem to have no issues after that.
I'm sorry, but you just sound like the most unpleasant person to ever have to do business with.
Or talk to for that matter...
LOL @ Shroogie & Mrs213.
You know the golden rule... when you don't have something constructive to say in the discussion... just try to blast the poster.
Don't hate on the fact that I actually know what I am talking about. 
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| Posted 11/19/11 6:13 PM |
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Re: about closing on LI
Ave1024 is correct, you dont need to have escrow accounts, period. My DH refinanced with Chase and specifically waived escrow- he likes paying taxes on his schedule. When I refi next year, I will also cancel escrow as well. I agree 100% that the banks hate it because they arent going to earn interest from your escrow acct when you dont set it up with them...I am shocked that Christine claims they are required. They are not in many circumstances.
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| Posted 11/20/11 12:47 PM |
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Re: about closing on LI
Posted by EclecticEsq10810
Ave1024 is correct, you dont need to have escrow accounts, period. My DH refinanced with Chase and specifically waived escrow- he likes paying taxes on his schedule. When I refi next year, I will also cancel escrow as well. I agree 100% that the banks hate it because they arent going to earn interest from your escrow acct when you dont set it up with them...I am shocked that Christine claims they are required. They are not in many circumstances.
Just to clarify - I wasn't claiming escrow accounts are required in all circumstances. My statement was based on my experience with reputable mortgage bankers I personally deal with as an agent. More than one has told me that if a buyer is getting an FHA loan OR has a lower down payment, they will need to pay their taxes out of escrow.
But I am not a mortgage expert (and don't pretend to be), and mortgage lending is an area that is constantly changing. It may well be that different lenders have different policies on this, and some banks wouldn't require it. But if it does, since the bank is lending the money, buyers have to comply with their conditions to get the loan. They may be negotiable conditions, but they are conditions nonetheless.
Personally, DH and I have always paid our taxes directly, not out of escrow. But we had a conventional mortgage with 20% down, and closed a few years ago. So I understand why people would want to pay on their own.
Interesting that a discussion about the relatively dry subject of taxes and mortgages got so heated!
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| Posted 11/20/11 5:16 PM |
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