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Post Info TOPIC: I've Got a Major Happy! Too Happy for the Happy Thread!
Lawyerlady


On the bright side...... Christmas is coming! (Mod)

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Lexxy wrote:
Fort Worth Mom wrote:
Lexxy wrote:

Ed is right about the escrow & having to pay your own taxes & HO policy. But that last part was too much of a downer for the HAPPY thread!!

No downer for us Lexxy.

We have always paid our own.

No escrow. 

 Well then you are already in the habit then.  Most banks around here require escrow.  I know some people don't like it.  I'm glad they handle the taxes for me.  Saves me the hassle.

 Anytime you get a mortgage and are not putting down 20%, lenders will require an escrow account.  Normally, if you do it the old fashioned way, save your 20% down payment and get a conventional uninsured loan, you can choose not to have an escrow account.  They may charge you a small "escrow waiver" fee, but it can be done.  Most people don't even know to ask for that option, though, or many that could, don't, because they like it divided up and added 1/12 to their payment each month rather than get the big bills at tax and insurance time.



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LawyerLady

 

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Lawyerlady


On the bright side...... Christmas is coming! (Mod)

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Congrats, FWM!

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LawyerLady

 

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Fort Worth Mom


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Thanks LL!smile



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Fort Worth Mom


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karl271 wrote:

Congratulations!! This is really something to be proud of, especially in this day and age. Not to rain on your parade, but keep some of that "saved" money for future repairs - roof, wiring, etc. etc. Seems like there is no end to it.... But when it is all yours it does not seem so bad....

 Thanks karl. We already set money aside for repairs. We're in decent shape.smile 



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TrudyML


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Well, really. They are just holding your money and gaining interest on it. The fights I have with mortgage companies to release the $$ for a homeowners policy. Ugh! Clients call and ask me to do it because they get nowhere with their own company. Ugh!


Yay again!

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Blankie


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TrudyML wrote:

Well, really. They are just holding your money and gaining interest on it. The fights I have with mortgage companies to release the $$ for a homeowners policy. Ugh! Clients call and ask me to do it because they get nowhere with their own company. Ugh!


Yay again!

We had no problem paying our own property taxes directly. It all started because early on in the loan when the taxes were still escrowed, the mortgage company screwed up and didn't pay our taxes on time.

I quickly told them we will be paying our own taxes from now on. Same with homeowner's insurance. No fight from anybody on that.

We did put more than 20% down when we bought the house. Maybe that was the difference, as LL was saying? 



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TrudyML


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Well, I told them I was going to refinance and they'd lose the mortgage if the continued trying to take escrow for condo insurance. Well, well within 24 hours it was wiped off.

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Fort Worth Mom


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Wayne was so anti Bank, anti owing money. He looked at our banker in Ohio, who, didn't want to do a 15 year loan.no

It's 15 years, or, we'll go elsewhere.

Funny how fast, they approved that 15 year loan.biggrin



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