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Old 06-01-2018, 02:39 PM
 
124 posts, read 44,468 times
Reputation: 673

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If $14 has you up in arms, wait until you get the initial fee disclosures....you may need a new pair of dockers...
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Old 06-01-2018, 03:18 PM
 
Location: on the wind
4,141 posts, read 1,540,807 times
Reputation: 14749
Quote:
Originally Posted by Rocko20 View Post
I agree, OP needs to stick to renting. Even a quick google search goes over all the costs involved with purchasing a house.

If he can't afford a $14 credit report or knows why escrow accounts exist, he's in over his head.
Sigh...

Such a stink over a minor detail the OP could avoid by coming up with a better down payment. Maybe fewer panties would end up in knots by waiting until you can afford that. Better terms on a mortgage benefits you more than paying taxes on those depreciating assets called extra cars. You're going to pay something no matter what you do...pay more up front or pay more for the loan. I've always put at least 20% down. No escrow accounts and more financing options. Walking over credit report fees? Really? How much did taxpayers (including the OP) lose bailing out all the lenders who didn't do their due diligence before?

Ah, but who am I to complain. I'll be burning the mortgage papers on my retirement home before the end of June.
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Old 06-01-2018, 03:37 PM
 
Location: Grosse Ile Michigan
24,718 posts, read 59,579,994 times
Reputation: 26823
Our bank wanted to escrow taxes and insurance. We said no. They said OK.

Credit report - you are going to pay that. They might just say see you. Your realtor will probably pay that or the sellers realtor if it becomes the deal breaker.
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Old 06-01-2018, 04:31 PM
Status: "Even better than okay" (set 8 days ago)
 
Location: Coastal New Jersey
51,222 posts, read 50,499,962 times
Reputation: 60100
Quote:
Originally Posted by BoBromhal View Post
he said Western NC.

we don't pay any state property tax.

in NC, we pay property taxes on our cars at the county level. Since it's now wrapped into your license tag renewal (annual), then there's no legal way around paying them.

where I live - in the most prosperous part of the state, our County tax is about 65 cents, so a $100K house is $650. (note, the 100K houses are extremely few and far between here, but more plentiful in western NC). The tax on the car is the same rate - 65 cents.

then we pay a city property tax - on cars and homes - that's about 37 cents. Combined, our tax rate is just a couple pennies over a $1
Thanks for the info. I didn't realize that's how it worked (and I didn't read far enough ahead to see he is in NC, either.)

After I posted, I was thinking about it and I remembered that a friend of mine from NJ who now lives in VA pays personal property tax on her vehicles.
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Old 06-01-2018, 04:44 PM
 
1,512 posts, read 564,668 times
Reputation: 2944
Wait. I just realized that the OP just mentioned that the escrow impounds created a DTI issue with the payment amount.

Sorry, but if $42 pushes you over the threshold, you have no business buying. You’d still be responsible for the money, but just in one lump sum.
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Old 06-01-2018, 05:06 PM
 
Location: DFW - Coppell / Las Colinas
29,922 posts, read 34,526,470 times
Reputation: 35919
Did I see him mention Chase ? ... LOL, good luck with that.
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Old 06-01-2018, 05:27 PM
 
10,265 posts, read 6,495,798 times
Reputation: 10842
Quote:
Originally Posted by Rakin View Post
Did I see him mention Chase ? ... LOL, good luck with that.
He's gonna be Chase-ing $14.
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Old 06-01-2018, 05:29 PM
 
10,265 posts, read 6,495,798 times
Reputation: 10842
Quote:
Originally Posted by RoamingTX View Post
Wait. I just realized that the OP just mentioned that the escrow impounds created a DTI issue with the payment amount.

Sorry, but if $42 pushes you over the threshold, you have no business buying. You’d still be responsible for the money, but just in one lump sum.
If his DTI does not qualify for the loan with the escrow money they are not gonna let him pay for it on his own, why would they?

I have no problem paying into Escrow for my taxes and insurance, I prefer it. I don't have to worry about it when the time comes to pay for it.
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Old 06-01-2018, 06:30 PM
 
Location: Phoenix, AZ
1,235 posts, read 478,697 times
Reputation: 2812
Quote:
Originally Posted by juggar View Post
Im looking to buy my first home, I have a 750 credit score (per lenders credit pull).

I have a 2017 $30k car that I pay taxes on yearly, and pay them when they are due. I have done this for all my cars. In fact, I own multiple cars.

So why the HELL are they nickel and diming me to put money into an "escrow" each month as part of the payment? Its unnecessarily inflating the monthly cost, causing DTI issues.

I obviously can pay the $500 annually just like I pay my car taxes when they are due.

Any way to stop them from pulled this childish garbage? Its like you trust me to pay $650 a month but not the $500 annual tax fee?? wtf?

Not to mention they included $14 for a "Credit report" in the loan estimate. Over my dead body im paying that. I will walk away.
Unless you are willing and able to pay cash for your home, you do what the lender says you do, otherwise you don't get the money.


It's that simple.


Some lenders don't escrow for taxes and insurance but you will always be paying a variety of annoying fees.
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Old 06-01-2018, 10:47 PM
 
18,252 posts, read 11,653,926 times
Reputation: 11865
Quote:
Originally Posted by juggar View Post
Im looking to buy my first home, I have a 750 credit score (per lenders credit pull).

I have a 2017 $30k car that I pay taxes on yearly, and pay them when they are due. I have done this for all my cars. In fact, I own multiple cars.

So why the HELL are they nickel and diming me to put money into an "escrow" each month as part of the payment? Its unnecessarily inflating the monthly cost, causing DTI issues.

I obviously can pay the $500 annually just like I pay my car taxes when they are due.

Any way to stop them from pulled this childish garbage? Its like you trust me to pay $650 a month but not the $500 annual tax fee?? wtf?

Not to mention they included $14 for a "Credit report" in the loan estimate. Over my dead body im paying that. I will walk away.


Mortgage lender/holder is watching their back to ensure property taxes, water/sewage, insurance and so forth are paid in a timely matter. Since if they are not and it goes on long enough the property can become subject to a lien and or other action to collect said past due amounts.
https://www.nolo.com/legal-encyclope...rance-own.html




In case of insurance, (homeowners, flood, etc...) obviously the bank or whoever wants to ensure those premiums are paid, again in timely matter to reduce exposure to risk.


As mentioned several times already, either pony up a larger down payment (thus reducing amount of mortgage), or look around for someone that won't impose such a requirement.


All this being said mortgage escrow accounts aren't always for life of the loan. If and or when you build sufficient equity it can be removed by application to bank/loan holder.
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