|
04-28-2008, 04:27 PM
|
|
Junior Member
|
|
Join Date: Apr 2008
Reputation: 10
|
|
paying your property taxes
Does anyone know if and how you can pay your own taxes and insurance and get rid of the escrow?
|
|
04-28-2008, 05:01 PM
|
|
L.U.S.T. Girl
|
|
Join Date: Jan 2008
Location: Stewartsville, NJ
7,581 posts, read 4,971,941 times
Reputation: 894
|
|
Quote:
Originally Posted by geno6
Does anyone know if and how you can pay your own taxes and insurance and get rid of the escrow?
|
I pay my own taxes and insurance - you have to owe less than 80% of the value of your home in order to get rid of PMI. You will have to get your house appraised and prove to your mortgage company that you owe less than 80% and if so, tell them you no longer want to pay PMI and that you also want to take control of paying your taxes and ins. |
|
04-28-2008, 06:23 PM
|
|
Real Estate Agent
|
|
Join Date: Feb 2008
Location: Cranford NJ
416 posts, read 302,307 times
Reputation: 91
|
|
|
Why would you want to do this? One of my mortgages is not escrowed for insurance, so I need to remember to pay it. Wiley is correct that the LVR needs to be 80% to eliminate PMI, I don't know what the LVR needs to be for self servicing the loan.
|
|
04-28-2008, 06:57 PM
|
|
L.U.S.T. Girl
|
|
Join Date: Jan 2008
Location: Stewartsville, NJ
7,581 posts, read 4,971,941 times
Reputation: 894
|
|
Quote:
Originally Posted by Sergio M
Why would you want to do this? One of my mortgages is not escrowed for insurance, so I need to remember to pay it. Wiley is correct that the LVR needs to be 80% to eliminate PMI, I don't know what the LVR needs to be for self servicing the loan.
|
Your mortgage company actually charges you a fee for this service..paying your taxes and ins. I like having control as my last mortgage company was always late in paying the taxes and ins. I had interest charges added to my escrow because my mortgage company had a tendency to pay the bills late! |
|
04-28-2008, 07:04 PM
|
|
Queen of Oxford
Status:
"E-A-G-L-E-S...EAGLES!"
(set 20 days ago)
|
|
Join Date: Oct 2007
Location: Redneckville, NJ
2,626 posts, read 1,559,354 times
Reputation: 580
|
|
|
I pay my own taxes and insurance also. Why let the mortgage company hold my money? I too had past experiences of the mortgage company screwing up my escrow account.
|
|
04-28-2008, 07:32 PM
|
|
Senior Member
|
|
Join Date: Jul 2007
Location: High Bridge
2,739 posts, read 2,211,415 times
Reputation: 511
|
|
Quote:
Originally Posted by Sergio M
Why would you want to do this? One of my mortgages is not escrowed for insurance, so I need to remember to pay it. Wiley is correct that the LVR needs to be 80% to eliminate PMI, I don't know what the LVR needs to be for self servicing the loan.
|
Because I get high interest CD's, which mature before the tax bill needs to be paid, so I earn money on my payments before I make them. |
|
04-28-2008, 07:33 PM
|
|
Senior Member
|
|
Join Date: Feb 2007
Location: NJ
6,542 posts, read 5,418,234 times
Reputation: 1353
|
|
Quote:
Originally Posted by Calico696
I pay my own taxes and insurance also. Why let the mortgage company hold my money? I too had past experiences of the mortgage company screwing up my escrow account.
|
same here. all i did was ask my credit union and they were happy to oblige. i send them an email every quarter with my check number to prove i paid and all's good. timely question since taxes are due thursday! |
|
04-28-2008, 07:42 PM
|
|
Senior Member
|
|
Join Date: Jul 2007
Location: High Bridge
2,739 posts, read 2,211,415 times
Reputation: 511
|
|
Quote:
Originally Posted by tahiti
same here. all i did was ask my credit union and they were happy to oblige. i send them an email every quarter with my check number to prove i paid and all's good. timely question since taxes are due thursday!
|
You know, I didn't even notice.... I have it all automated now. Money gets pulled and opens a CD, CD matures, transfers to an interest-bearing checking out specifically for bills (no debit card on this one), check goes out.
I'm so lazy  |
|
04-28-2008, 07:47 PM
|
|
Senior Member
|
|
Join Date: Feb 2007
Location: NJ
6,542 posts, read 5,418,234 times
Reputation: 1353
|
|
Quote:
Originally Posted by CuCullin
You know, I didn't even notice.... I have it all automated now. Money gets pulled and opens a CD, CD matures, transfers to an interest-bearing checking out specifically for bills (no debit card on this one), check goes out.
I'm so lazy |
yeah, i could do that too but i like getting the stamp on my tax bill that says i paid...but maybe i should forgo the trip to the tax collector to save gas! |
|
04-28-2008, 08:11 PM
|
|
Senior Member
|
|
Join Date: Jul 2007
Location: High Bridge
2,739 posts, read 2,211,415 times
Reputation: 511
|
|
Quote:
Originally Posted by tahiti
yeah, i could do that too but i like getting the stamp on my tax bill that says i paid...but maybe i should forgo the trip to the tax collector to save gas! |
Why get the stamp, you've got a record direct from your bank  |
Please register to post and access all features of our very popular forum. It is free and quick.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Linear Mode
