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Paying off a mortgage early
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Paying off a mortgage early
I am going to pay off a mortgage early.
My question is, what happens with money in escrow and how are the taxes handled? (taxes are paid to mortgage company monthly). Anything else I should be concerned about?
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Posted 4/8/09 8:43 PM  |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Paying off a mortgage early
Depending on when you pay it off, anything left in escrow would be given back to you in a check.
Then every six months you would have to go to the town/ village hall to pay the taxes yourself.
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| Posted 4/8/09 8:58 PM |
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MommyTeffi
Yummy!!!
Member since 2/06 1827 total posts
Name:
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Re: Paying off a mortgage early
I can't answer the mortgage question since we never had one with this house. We paid cash. However in regards to taxes, we get a bill from my town in January for the whole year. We pay in January/February and September/October directly to the town.
Remember to let your HO insurance company know that your mortgage is paid.
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| Posted 4/8/09 10:10 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Paying off a mortgage early
When we paid off our mortgage early we received a check from the bank with the money that was in escrow. Then you just have to pay your taxes every 6 months.
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| Posted 4/9/09 8:46 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Paying off a mortgage early
We're in Nassau and we pay our taxes quarterly - by check through the mail.
We don't live in an incorporated village, so I don't know about village taxes.
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| Posted 4/9/09 8:56 AM |
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