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SHOPAHOLIC
LIF Adult
Member since 1/07 1712 total posts
Name:
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Anyone not escrow taxes?
We have the option of not escrowing our taxes and paying them on our own when we close. Will closing costs be significantly less if we do this?
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Posted 10/16/14 5:36 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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Anyone not escrow taxes?
I have a house here and a house in FL and I don't escrow either. I prefer it that way as I would rather control the money.
Yes your closing costs will be way less. Figure 6 months worth of taxes left. Although I wouldn't consider escrows closing costs, they are just deposits of your own money to prepay your taxes. You will still be responsible for your taxes either way and if you don't put the money towards closing cost escrows, you should at least have the money in the bank.
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| Posted 10/16/14 5:46 PM |
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SHOPAHOLIC
LIF Adult
Member since 1/07 1712 total posts
Name:
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Re: Anyone not escrow taxes?
Posted by ave1024
I have a house here and a house in FL and I don't escrow either. I prefer it that way as I would rather control the money.
Yes your closing costs will be way less. Figure 6 months worth of taxes left. Although I wouldn't consider escrows closing costs, they are just deposits of your own money to prepay your taxes. You will still be responsible for your taxes either way and if you don't put the money towards closing cost escrows, you should at least have the money in the bank.
Thank you. This was very helpful. Yes we have the money for the taxes in full.
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| Posted 10/16/14 5:53 PM |
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SHOPAHOLIC
LIF Adult
Member since 1/07 1712 total posts
Name:
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Re: Anyone not escrow taxes?
For future reference if anyone searches for the same info, my mortgage broker just told me a good rule of thumb when not escrowing taxes is 3% of the loan amount.
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| Posted 10/16/14 6:13 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Anyone not escrow taxes?
I do not escrow my taxes. We did need less cash at closing because of this. Just make sure you plan accordingly for when taxes are due and you will be fine
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| Posted 10/17/14 1:02 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: Anyone not escrow taxes?
We do not escrow. We decided when we got our closing estimate, not to escrow. Closing costs will be less, I like budgeting the taxes on our own
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| Posted 10/17/14 9:33 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Anyone not escrow taxes?
We don't escrow either. I know approximately how much we have to pay and when so we budget for it. Works well for us.
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| Posted 10/20/14 8:22 AM |
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