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jennyal
LIF Adult
Member since 8/07 1430 total posts
Name:
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
Hi guys, i just got my committment letter, and it looks like the mortgage payments dont indlucde the proprty taxes, does yours? is better to pay it yourself or include it in the mortgage?
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Posted 12/21/12 10:09 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
I have it included in the mortgage. I'd rather pay a little more each month than get slammed with a tax bill and an insurance bill. That's what works best for me and DH.
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| Posted 12/21/12 10:20 AM |
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brooke23
LIF Toddler
Member since 3/11 482 total posts
Name:
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
We at first we against having to pay the bank the taxes and insurance to the bank every month, but that's the way we were set up. I have to say, however, I'm actually pretty happy/grateful we are doing it hat way because as the previous poster mentioned, we dont have to think about it or come up with a lump sum.....for example, our insurance bill would be due now (and is due now) but we've paid it all year long so I dont have to think about coming up with it....its like forced budgeting! which turns out to be a good thing.....I actually think its the better way to go.
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| Posted 12/21/12 10:37 AM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
ours is included, which i like
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| Posted 12/21/12 10:45 AM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Included, you can budget and not have to think about a big bill coming your way.
Some people opt against it because they feel why not get interest on the $$ in the bank and pay it yourself, but with the interest rates today....you would probably make $5 on that money 
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| Posted 12/21/12 11:19 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
I have mine included so we never have to worry about it.
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| Posted 12/21/12 11:27 AM |
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violet25
LIF Infant
Member since 8/12 101 total posts
Name:
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Ours is separate. We like this better because our bank would have wanted 6 months of taxes (which is a LAARGE amount of money as our taxes are very high) in escrow as a buffer in addition to paying in monthly increments with our mortgage. We spent the bulk of our savings on the down payment and didnt want to tie up another large sum of money unnecessarily so we just pay our taxes on our own.
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| Posted 12/21/12 11:45 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Posted by evrythng4areason
ours is included, which i like
Ours too! Peace of mind
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| Posted 12/21/12 12:24 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Posted by violet25
Ours is separate. We like this better because our bank would have wanted 6 months of taxes (which is a LAARGE amount of money as our taxes are very high) in escrow as a buffer in addition to paying in monthly increments with our mortgage. We spent the bulk of our savings on the down payment and didnt want to tie up another large sum of money unnecessarily so we just pay our taxes on our own.
Same same same. I thought 6 months of escrow was ridiculous!
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| Posted 12/21/12 1:07 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
I like it, I don't have to worry about saving that money separately every month.
We also didn't have a choice when we got our mortgage.
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| Posted 12/21/12 2:07 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
I like having it included. Two less bills to worry about (insurance and taxes). And you are paid interest on it. Which amounts to nothing but a regular savings acct would be the same
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| Posted 12/21/12 2:44 PM |
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Hope2009
Thankful
Member since 1/09 4429 total posts
Name:
A
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Posted by alli3131
I have mine included so we never have to worry about it.
mine as well.
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| Posted 12/21/12 4:15 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
I have mine separate. I prefer to be in control of my money and not pay months in advance for things, but it does require more discipline to have the funds on hand (especially with our obscene taxes!).
It also works better with DH's income schedule since he gets bonus checks on a quarterly basis.
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| Posted 12/21/12 4:23 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
I like having our taxes and insurance come out of the mortgage payment.........it's just one less thing I have to worry about setting money aside for. I like the automaticity of it. 
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| Posted 12/21/12 8:24 PM |
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
We have ours separate. DH hates the idea of escrow and relying on someone else to pay insurance and taxes. He is very disciplined about the tax bills and has the money well in advance of the due date. It's also nice to just have a lower mortgage bill every month.
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| Posted 12/21/12 9:22 PM |
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ttcing
LIF Adolescent
Member since 8/09 851 total posts
Name:
Mel
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Posted by EclecticEsq10810
We have ours separate. DH hates the idea of escrow and relying on someone else to pay insurance and taxes. He is very disciplined about the tax bills and has the money well in advance of the due date. It's also nice to just have a lower mortgage bill every month.
I agree completely!! I like to b in control of my
Money n im able to save more bc its less. If ur good with money n being discipled then it will work for u
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| Posted 12/21/12 9:30 PM |
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Our mortgage company has changed numerous times, and I do not think any of them allowed a seperate payment.
I think it's for the best anyways.
On average, we don't have that lump sum of money lying around and I'd be a wreck if it came due and we didn't have it.
I always wondered if this has something to do with the LI taxes being so high, that they have it taken out monthly?
I have friends and family in other places where taxes are literally peanuts and they just send it in once a year.
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| Posted 12/22/12 7:39 AM |
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ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
Name:
P
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
Our taxes are escrowed, but our insurance is not. I don't mind it this way, and we weren't given a choice to NOT escrow the taxes. Our bank required it.
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| Posted 12/22/12 9:07 AM |
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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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Escrow?....is it better to have the taxes and insurance in the mortgage payment
I do not escrow anything anymore. The bank tried to require this but I basically told them i'd pull the application. They got a supervisor to remove the escrows since I was putting 20% down.
I don't escrow for a number of reasons:
I like to be in control to know the bills get paid
I get a discount for paying the taxes early from the town - bank will pay on last day without penalty
I get a much better rate of return on my money than the petty bank escrow interest gives
Banks always have overages/underages and change the payment once a year anyways. Why bother with this?
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| Posted 12/22/12 12:46 PM |
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muffaboo
LIF Adult
Member since 12/10 3797 total posts
Name:
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Posted by ave1024
I don't escrow for a number of reasons:
I like to be in control to know the bills get paid
I get a discount for paying the taxes early from the town - bank will pay on last day without penalty
I get a much better rate of return on my money than the petty bank escrow interest gives
Banks always have overages/underages and change the payment once a year anyways. Why bother with this?
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| Posted 12/22/12 1:32 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
Ours is included in the mortgage, and I believe we were required t do it that way with an FHA loan...
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| Posted 12/22/12 6:42 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
we do it together with our mortgage.. our taxes are so high that i don't want to get hit with huge bills when the time comes to pay our county and school taxes.
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| Posted 12/24/12 2:12 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Escrow?....is it better to have the taxes and insurance in the mortgage payment
Most banks do not allow you to separate them, especially if you are putting down a minimal DP.
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| Posted 12/26/12 12:38 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
Ours is separate. The bank had wanted us to add a ridiculous amount of money into the account when the taxes went up, so we took it out of escrow. We set up an ING account which takes money out of our regular account every month just for the taxes, so it is kind of the same thing, but we are in control of it ourselves.
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| Posted 12/27/12 12:21 PM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Re: Escrow?....is it better to have the taxes and insurance in the mortgage payment
We have ours separate.
They wanted us to put up so much $$ at closing and then pay every month so I decided against it.
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| Posted 12/27/12 3:05 PM |
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