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re: Escrow or No Escrow
Posted on 3/18/23 at 8:05 pm to LemmyLives
Posted on 3/18/23 at 8:05 pm to LemmyLives
Again, 5% on your escrow funds is minimal. Average escrow balance is what $3500 at its peak before payments go out? If you have the full $3500 in an account for an entire year that’s only $175.
And more than likely you’ll be building towards that $3500 throughout the year so the interest earned is even less than that $175
And more than likely you’ll be building towards that $3500 throughout the year so the interest earned is even less than that $175
1
Posted on 3/18/23 at 8:41 pm to Teddy Ruxpin
quote:
T-bills hit 5% like last week.
Week before last SVB bail out killing us lol
Posted on 3/19/23 at 8:08 am to Im4datigers
quote:
Again, 5% on your escrow funds is minimal. Average escrow balance is what $3500 at its peak before payments go out? If you have the full $3500 in an account for an entire year that’s only $175.
Most likely you are building over the year. So average balance would be about half the total escrow amount. So now you make $85-$90 in interest. Late payment due to forgetting tax or insurance, or just the stress of having to remember is not worth the money. But to each their own.
However, to me the largest benefit is you physically see the cost of homeowners insurance, so it would remind you to shop around at renewal to find a better price.
Posted on 3/19/23 at 9:10 am to tigeraddict
quote:
However, to me the largest benefit is you physically see the cost of homeowners insurance, so it would remind you to shop around at renewal to find a better price.
Or escrow it and bury your head in the sand so you don’t have to even stress about getting bent over a barrel for insurance!!!!
Posted on 3/19/23 at 11:14 pm to Im4datigers
Escrow it yourself. Why let somebody else use your money. I don’t care if it's $50 you earn in interest. $50 saved is $100 earned.
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