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LiGirl1225
LIF Infant
Member since 6/13 69 total posts
Name:
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Taxes - Included or Separate
What do most people do/prefer?
Paying taxes with your mortgage payment each month or keeping them separate? Why?
Just trying to see both point of views.
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Posted 6/6/13 3:36 PM  |
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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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Taxes - Included or Separate
I used to combine. Now I will only do separate.
There are just way too many variables that can lead to escrow shortages/overages. The banks can never get it right.
I like to pay what I owe, when I owe it. And with Town of Oyster Bay if you pay early, you get a small discount. The bank would only pay on the last day before penalty.
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| Posted 6/6/13 3:46 PM |
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AScottWolf
I <3 our squish!
Member since 11/10 2237 total posts
Name:
Adriana
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Re: Taxes - Included or Separate
Ours are included and so far we've gotten 2 checks back.
1. From our lawyer who said we paid too much into escrow. This was about 1-2 months after we closed.
2. One 2 weeks ago from our mortgage company saying we've been paying too much into escrow each month. Our monthly payments have also been lowered about $200. However, this is before taking into consideration the increase in school taxes. I'm sure it'll go back up.
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| Posted 6/6/13 3:59 PM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Taxes - Included or Separate
We chose not to escrow - between the funds due at closing and the monthly payments - I decided that I would rather have control over such a large chunk of money.
I set up a separate ING account and have money sent there each paycheck to cover the amount.
ETA - Many banks make it difficult not to escrow nowadays.
Message edited 6/6/2013 4:09:25 PM.
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| Posted 6/6/13 4:08 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Taxes - Included or Separate
Combined. One less thing to worry about/save for.
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| Posted 6/6/13 4:26 PM |
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LiGirl1225
LIF Infant
Member since 6/13 69 total posts
Name:
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Re: Taxes - Included or Separate
I see it from both ways = one aspect you don't have to worry about it, the other aspect you are in control and save the money on your own and pay it yourself. I guess its just preference.
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| Posted 6/6/13 4:37 PM |
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lucky1007
My Princess is Here!
Member since 11/11 1131 total posts
Name:
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Re: Taxes - Included or Separate
I didn't even know you could separate. I never asked the bank. Right now it's rolled into my monthly payment
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| Posted 6/6/13 5:30 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Taxes - Included or Separate
Posted by ElizaRags35
Combined. One less thing to worry about/save for.
This.
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| Posted 6/6/13 7:33 PM |
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Re: Taxes - Included or Separate
I don't want to have to worry about the bank asking for more money constantly for escrow. I love doing it on my own. I just put it into a savings account and then just transfer it over to checking when the bill has to be paid twice a month.
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| Posted 6/6/13 8:35 PM |
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muffaboo
LIF Adult
Member since 12/10 3797 total posts
Name:
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Re: Taxes - Included or Separate
Separate
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| Posted 6/6/13 9:21 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Taxes - Included or Separate
Posted by ave1024
I used to combine. Now I will only do separate.
There are just way too many variables that can lead to escrow shortages/overages. The banks can never get it right.
I like to pay what I owe, when I owe it. And with Town of Oyster Bay if you pay early, you get a small discount. The bank would only pay on the last day before penalty.
This. We used to combine but got tired of having to pay for a chunk of an escrow shortage.
We changed when we refinanced. The cut we were getting from the reduced rate was nearly obliterated by another escrow shortage so we said screw it and now we pay directly. Does not fluctuate nearly as much. Pain in the a$$ to come up with the funds 1x per year but it was better for us. I think most people roll them into their mortgage payment.
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| Posted 6/6/13 9:48 PM |
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JSDB
<3
Member since 1/13 1329 total posts
Name:
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Re: Taxes - Included or Separate
We do separate. We put down a very substantial down payment and wanted money for renovations, furniture, and emergency fund. Our taxes are high and we didnt want to escrow the 50% they wanted and tie up even MORE money. We are fine paying it ourselves.
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| Posted 6/6/13 11:25 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: Taxes - Included or Separate
Mine are combined. My escrow is more than my actual mortgage so I dont want to think about putting the $$ aside and paying for it. I would rather someone else take care of it.
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| Posted 6/6/13 11:27 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Taxes - Included or Separate
Mine are combined it is a stipulation of my FHA mortgage--I would most likely combine them anyway so I have one less thing to worry about paying.
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| Posted 6/6/13 11:53 PM |
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Hope2009
Thankful
Member since 1/09 4429 total posts
Name:
A
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Re: Taxes - Included or Separate
one payment, it's easier for me each month.
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| Posted 6/7/13 7:41 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Taxes - Included or Separate
Some banks don't allow you to separate it.
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| Posted 6/7/13 10:39 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Taxes - Included or Separate
Posted by ElizaRags35
Combined. One less thing to worry about/save for.
ditto
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| Posted 6/7/13 12:35 PM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: Taxes - Included or Separate
Posted by ElizaRags35
Combined. One less thing to worry about/save for.
This...
and I also don't think separating it is an option anymore.
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| Posted 6/7/13 1:07 PM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Taxes - Included or Separate
Posted by caps612
Posted by ElizaRags35
Combined. One less thing to worry about/save for.
This...
and I also don't think separating it is an option anymore.
It is still an option but, it's not as common - it depends on the bank.
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| Posted 6/7/13 2:19 PM |
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gdubs
This baby is awesome!
Member since 11/10 2467 total posts
Name:
Gina
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Taxes - Included or Separate
I will never escrow again. I feel like the bank can never get it right. I don't care whatever it is, we'll obviously pay it, I just hate getting notices that there is a shortage or they didn't charge enough and then our mortgage goes up to account for the increase and the amount owed.
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| Posted 6/7/13 2:39 PM |
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ISpoilHim
I think I got this
Member since 11/10 1523 total posts
Name:
K
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Taxes - Included or Separate
Combined. One less thing I have to think about.
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| Posted 6/7/13 2:52 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Taxes - Included or Separate
Posted by ave1024
I used to combine. Now I will only do separate.
There are just way too many variables that can lead to escrow shortages/overages. The banks can never get it right.
I like to pay what I owe, when I owe it. And with Town of Oyster Bay if you pay early, you get a small discount. The bank would only pay on the last day before penalty.
ITA
Seems easier to just pay it myself
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| Posted 6/7/13 4:16 PM |
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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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Re: Taxes - Included or Separate
Posted by Cheeks24
Some banks don't allow you to separate it.
Most banks will tell you straight up it's not allowed. You have to make a stink about it and be putting down a decent amount. Typically at least 10% down but usually more like 20% is required to waive escrow with most banks.
NEFCU tried to tell me I couldn't waive escrow. I told them I'd take my business elsewhere if they didn't waive the escrow. They had to get an override. I was refinancing with way more than 20% equity available so they said OK.
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| Posted 6/7/13 5:00 PM |
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