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re: Anyone got the dreaded yearly escrow letter yet?
Posted on 2/5/25 at 7:41 pm to UptownJoeBrown
Posted on 2/5/25 at 7:41 pm to UptownJoeBrown
quote:
I never do escrow. Anyone who does it indicates to me fiscal irresponsibility, ignorance, lack of self control, and laziness.
I think my lender requires it but I admittedly have never really researched it much. What real difference does it make either way? You're still paying the same amount.
We have roughly 50% equity in our home but I'm definitely not touching our 2.3% rate
This post was edited on 2/5/25 at 7:42 pm
1
Posted on 2/5/25 at 7:46 pm to PeteRose
I got mine in December. Lee it was going up. Property taxes web up almost $800/yr and insurance $400 for the 2nd year in a row.
Went up like $193/mo on note…..
Fun times.
Went up like $193/mo on note…..
Fun times.
Posted on 2/5/25 at 7:50 pm to tigeraddict
+ $22/mo this year.
Posted on 2/5/25 at 7:59 pm to HouseMom
quote:
Property taxes should only be reassessed each time a property changes ownership, IMO. This constant increase as a penalty to strong arm people out of their money is criminal.
lol no
Posted on 2/5/25 at 8:17 pm to fallguy_1978
Usually once you pay down to a certain loan to value and have satisfactory payment history they may cash out the escrow and allow you to pay taxes and insurance directly.
Posted on 2/5/25 at 8:24 pm to BuckyCheese
quote:
lol no
Rising property taxes are a tax on unearned income. Pure land communism.
Posted on 2/5/25 at 8:28 pm to Tigris
1984: 12.75% interest rate. Crazy.
Posted on 2/5/25 at 8:29 pm to Deplorableinohio
I refinanced three years later. 9.375%.
Posted on 2/5/25 at 8:31 pm to HouseMom
quote:Tax on unrealized gains. Even conservative government is a-ok with this practice.
Property taxes should only be reassessed each time a property changes ownership, IMO. This constant increase as a penalty to strong arm people out of their money is criminal.
This post was edited on 2/5/25 at 8:33 pm
Posted on 2/5/25 at 8:32 pm to NewIberiaHaircut
quote:
Decline escrow and pay insurance once a year and you’ll have a consistent mortgage payment.
Now imagine you live in Texas
Posted on 2/5/25 at 8:33 pm to BabyTac
quote:
Own my home so no idea what escrow is.
Everyone with a mortgage owns their home, they wouldn't be able to use it as collateral on the loan if they didn't.
It's not like a car loan where you don't get the title until the loan is paid off.
Posted on 2/5/25 at 8:48 pm to GeauxGutsy
quote:
Now imagine you live in Texas
Texas has nothing to do with it baw. Pay your property tax and insurance once a year. No need to escrow that and let a bank do it for you.
Posted on 2/5/25 at 8:51 pm to PeteRose
My mortgage company royally screwed up my escrow over the past few years.
They got out of whack when a 2nd installment tax bill was pushed back a couple months during the pandemic. Because of that the escrow analysis I got in 2023 (for 2024) was calculated based on 3 tax bills instead of 2. Spent way too much time arguing with them on the phone and explaining why their math was wrong and had 150% of my actual property tax, but didn’t change anything. Ended up paying $500 more a month for a while before i closed the escrow account.
Manage it myself now and get the benefit of putting the money in my own investment vehicle.
They got out of whack when a 2nd installment tax bill was pushed back a couple months during the pandemic. Because of that the escrow analysis I got in 2023 (for 2024) was calculated based on 3 tax bills instead of 2. Spent way too much time arguing with them on the phone and explaining why their math was wrong and had 150% of my actual property tax, but didn’t change anything. Ended up paying $500 more a month for a while before i closed the escrow account.
Manage it myself now and get the benefit of putting the money in my own investment vehicle.
Posted on 2/5/25 at 8:53 pm to PeteRose
When I finished my house in 2019 mine was around 1680, this month it’s 2300 ugh
Posted on 2/5/25 at 8:58 pm to PeteRose
It will soon be hard to be a homeowner.
It's a government scam to take our homes and have it all government owned.
It's a government scam to take our homes and have it all government owned.
Posted on 2/5/25 at 9:01 pm to NewIberiaHaircut
True enough. I misread your post
Posted on 2/5/25 at 9:40 pm to PeteRose
Is around 8K short bad?
Posted on 2/5/25 at 9:44 pm to PeteRose
Mine went up $400/month this year.
Posted on 2/5/25 at 9:48 pm to Harry Boutte
In Louisiana you do own the car. The lender just has a lien on it.
Posted on 2/5/25 at 9:52 pm to Dixie2023
Same after 1st year my more went up about 385 a month. This past year or property tax dropped 1k, but insurance went up about 400. Got a 608 overage on escrow, and house notes dropped about 230 a month
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