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12-31-2007, 09:22 PM
| #1 (permalink) | |
| Community Rank: Explorer   Join Date: Feb 2003 Location: Longfellow's "Jewel by the Sea"
Posts: 12,906
| Do You Escrow? Why or why not? We do, our mortgage came that way and I'm afraid I'd totally screw up our tax and insurance payments if we changed it. My friend took the escrow off her mortgage because it was costing them an extra $30/month. I just got my yearly statement today and I think we pay an extra $11.50 in escrow shortage (down from last year's $60, so our payment lowered  ) but I'm not sure I "get it." I think we're better off just keeping it how it is? But maybe we're not? 
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12-31-2007, 09:30 PM
| #2 (permalink) | |
| Community Rank: Explorer  Join Date: Nov 2003 Location: Dinoland USA
Posts: 11,779
| The thinking is that you can be saving your money and earning interest on it rather than the bank having it. We don't escrow, but that's b/c that's how OUR loan came. Our insurance is lumped in with our car insurance and they do a monthly draft. Taxes are due every 6 months.
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12-31-2007, 10:44 PM
| #4 (permalink) | |
| Community Rank: Explorer  Join Date: Nov 2004 Location: central Iowa
Posts: 8,521
| We do escrow for our taxes. With ours, we were in new construction, so we didn't have taxes our first year, so we had to "guesstimate" and save what we thought it would be -- the escrow gave us "insurance" if we hadn't saved enough, we knew the taxes would still be paid on time with no penalty. Our insurance is lumped in with our car and life insurance, so we pay that monthly. I honestly never thought to ask about whether or not we had to escrow, this is the first home we've had where we didn't have to pay mortgage insurance, so we didn't have a choice.
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01-01-2008, 08:00 AM
| #5 (permalink) | |
| Magic Happens!  Join Date: Oct 2001 Location: E. Stroudsburg, PA
Posts: 18,066
| We escrow, because every mortgage I have ever had has been escrowed, but i also know that I would not have the discipline to put away monthly mon ey for taxes and insurance. Our bank doesn't charge a fee to escrow, and they always pay my tax bill at the earlier "discount" time, so it works for us. 
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01-01-2008, 09:12 AM
| #6 (permalink) | |
| RED SOX NATION!!  Join Date: Aug 2002 Location: Connecticut
Posts: 73,451
| We escrow as well, as that's how the mortgage came 10 years ago I'm pretty sure also that they give us interest on the money they hold for us as I remember getting a separate 1099 or whatever that form is for interest I don't think I'd have the willpower to save each month for the taxes, so I'm glad it's done this way
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01-01-2008, 09:15 AM
| #7 (permalink) | |
| Community Rank: Explorer Join Date: Nov 2004 Location: central Iowa
Posts: 8,521
| Marnie -- thanks for the reminder -- I know we earn interest on our Escrow as well.
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01-01-2008, 09:22 AM
| #8 (permalink) | |
| #1 Mary Poppins Fan!  Join Date: Feb 2007 Location: Massachusetts
Posts: 10,305
| We escrow taxes and insurance. I don't want to have to come up with $4000+ to pay taxes and I know I wouldn't have the willpower to save it. We get interest on the escow account and get a 1099 form each January for our taxes.
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01-01-2008, 09:48 AM
| #10 (permalink) | |
| Community Rank: Explorer Join Date: Feb 2003 Location: Longfellow's "Jewel by the Sea"
Posts: 12,906
| Ok, now I feel better. I'm not sure that Maine gets interest, I don't remember any 1099s (but I could be wrong.  ) but I know that I don't have the discipline to come up with $$$$ every six months. It's tempting to think of the extra $/month we could have, but really--we're much better off doing it this way. Thanks, folks!
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01-01-2008, 03:53 PM
| #11 (permalink) | ||
| Community Rank: Adventurer   Join Date: Jan 2007 Location: St. Croix Falls, WI
Posts: 809
| Quote:
 While the $450+/month would make a huge difference for us--- not in the end and trying to put that amount away monthly then get caught short. We would say, "Oh, we'll just use $200 now and put that extra away next month"  Yeah, Right...Worth the piece of mind!
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01-01-2008, 07:57 PM
| #12 (permalink) | |
| Living Seas wannabe  Join Date: Apr 2003 Location: Jacksonville, FL
Posts: 25,740
| I escrow - cause that is how my loan came and there is NO WAY I have the discipline to do it myself. My insurance (fire and flood both) and taxes are escrowed.
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01-01-2008, 11:04 PM
| #14 (permalink) | |
| Community Rank: Explorer Join Date: Nov 2003 Location: Dinoland USA
Posts: 11,779
| I should add that our property taxes are fairly low and the one payment hits right during hubby's peak time at work, so it just comes out of the surplus, no saving involved. The 2nd one gets a little dicey, and we used to get enough in Christmas gift money to cover it, but this year, we didn't  I may have to re-think the escrow on that one!
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01-02-2008, 11:49 AM
| #15 (permalink) | |
| Community Rank: Scout  Join Date: May 2004 Location: IL
Posts: 4,453
| We escrow. It's much better that way. I have no discipline to save for it.
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About This Page: This is a discussion on Do You Escrow? Why or why not? within the The Office: Budgeting and Reward Programs, part of the PassPorter Community - Message Boards and Forums; We do, our mortgage came that way and I'm afraid I'd totally screw up our tax and insurance ...
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