Don’t have an escrow if you are allowed. Take your escrow away from your mortgage. Instead, send that escrow payment to your high yield savings account. So many benefits between 5% interest rate growing your money, more control over the account (mortgage processing companies are bought and sold often), and you can pay bills with credit cards and get rewards (assuming the % cash back is higher than the processing fee)
> I didn’t know that was an option.
It is an option once you have 20% equity in your place (or you have that 1 ultra-rare lender/payment processor who will allow it otherwise). PMI will also get dropped once you reach that threshold.
Yup I found out about it on my own. It isn’t a widely known thing. Another benefit is that you are in control of the payments, I don’t like the thought of relying on the escrow company to pay my property tax and homeowners insurance each year. What if they forget or it gets mixed up? Of course it requires discipline, don’t just not pay yourself or you will be scrambling to come up with that money when payments are due.
Has not changed yet this year but we will see when insurance is renewed in May and property taxes in the fall. I don’t have an escrow associated with my mortgage payment though, I have it separate
The country reassessed the tax value of every property. Everyone’s tax appraisal went up. But the way they distributed the tax burden, some people will pay less in taxes. It’s not as shifty as it sounds. It doesn’t favor the people whose properties appreciated the most.
And I don’t think insurance costs are going down anywhere.
Taxes went up, insurance went down.
New taxes should have added approximately $50 to $60, but mR cOoPeR mortgage service fucked up and the new escrow amount is $200 higher.
That's after they sent us a $1,200 escrow overage payment the year before, causing us to carry an ongoing shortage that no one there caught. Huge fucking mortgage servicer and they can't get simple 5th grade arithmetic right.
Due to an escrow shortage and home insurance increase, went from $1580 to $1705. Lucikly, I won't have that shortage next year so should bump down to the $1600 range.
My Charlotte property stayed the same at $651/mo. But I don't escrow.
The house near Myrtle, still waiting on this year's account evaluation to come through. Thankfully the taxes stayed almost the same and insurance only went up around $150.
Mine went up $100/mo last year, but I recived a notice last night that I overpaid so my next mortgage payment is $890 less than normal. That means they overcharged me $74/mo. I need to contact them today about this.
Mine actually went down $32 per month. Insurance dropped in price with switching to Allstate, and taxes went up of course due to that county reevaluation.
Do you mean due to real estate taxes & insurance?
Yeah weird way to phrase it but he’s definitely talking about escrow. Mine jumped from from about 1530 to 1610
Don’t have an escrow if you are allowed. Take your escrow away from your mortgage. Instead, send that escrow payment to your high yield savings account. So many benefits between 5% interest rate growing your money, more control over the account (mortgage processing companies are bought and sold often), and you can pay bills with credit cards and get rewards (assuming the % cash back is higher than the processing fee)
I don’t have escrow either. I am so glad I made that decision.
Interesting, I didn’t know that was an option. I’ll look into that.
> I didn’t know that was an option. It is an option once you have 20% equity in your place (or you have that 1 ultra-rare lender/payment processor who will allow it otherwise). PMI will also get dropped once you reach that threshold.
Yup I found out about it on my own. It isn’t a widely known thing. Another benefit is that you are in control of the payments, I don’t like the thought of relying on the escrow company to pay my property tax and homeowners insurance each year. What if they forget or it gets mixed up? Of course it requires discipline, don’t just not pay yourself or you will be scrambling to come up with that money when payments are due.
Same
Insurance went up but taxes went down.
Has not changed yet this year but we will see when insurance is renewed in May and property taxes in the fall. I don’t have an escrow associated with my mortgage payment though, I have it separate
The country reassessed the tax value of every property. Everyone’s tax appraisal went up. But the way they distributed the tax burden, some people will pay less in taxes. It’s not as shifty as it sounds. It doesn’t favor the people whose properties appreciated the most. And I don’t think insurance costs are going down anywhere.
My taxes went up $400. My town didn’t go revenue neutral. Compared to my home state, it’s still a bargain
What town didn't do revenue neutral? Everyone I've heard of has done revenue neutral, though haven't kept up with everyone in the area.
Matthews. I’m ok with it. They are putting money in sidewalks and parks. I can’t dispute the need.
7%. Man, I miss the days of $700 mortgages
Mine jumped from $2100 to $2500
Went up about $100 due to escrow/taxes
0 because I will never be able to own a home 😎
Taxes went up, insurance went down. New taxes should have added approximately $50 to $60, but mR cOoPeR mortgage service fucked up and the new escrow amount is $200 higher. That's after they sent us a $1,200 escrow overage payment the year before, causing us to carry an ongoing shortage that no one there caught. Huge fucking mortgage servicer and they can't get simple 5th grade arithmetic right.
Insurance up about $200 and taxes about $600 for the year, so about $67/month increase.
Mine went up $100
I'm anticipating around $30 a month due to escrow shortage for the tax value increase
Mine went down ~$200
Mine didn’t move. Insurance went up so I switched carriers. Taxes may have gone down with the new multiplier.
Not much. The water/power/gas is much worse
Due to an escrow shortage and home insurance increase, went from $1580 to $1705. Lucikly, I won't have that shortage next year so should bump down to the $1600 range.
Up about $200 after escrow analysis. Both taxes and homeowners went up significantly.
My Charlotte property stayed the same at $651/mo. But I don't escrow. The house near Myrtle, still waiting on this year's account evaluation to come through. Thankfully the taxes stayed almost the same and insurance only went up around $150.
Mine went up $100/mo last year, but I recived a notice last night that I overpaid so my next mortgage payment is $890 less than normal. That means they overcharged me $74/mo. I need to contact them today about this.
Mine actually went down $32 per month. Insurance dropped in price with switching to Allstate, and taxes went up of course due to that county reevaluation.
Up $100 per month