Mortgage paid off......but..... (interest rate, escrow, property tax, income) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

wrench409 · 12-06-2010, 06:38 AM

I'm wondering how long my escrow balance on account will be held. I'd like to use that money to pay what it's designed for - next years taxes. It's a large chunk of change.

tmorrell · 12-06-2010, 07:12 AM

Your old servicer has up to 30 days to refund the escrow amount.

VictorBurek · 12-06-2010, 09:35 AM

Plus, your current lender will probably pay the taxes for you and send you what is left over.

wrench409 · 12-06-2010, 03:14 PM

Thanks Victor and tmorrell,

I'm watching the tax site. The payment date they paid it from the past several years hasn't passed as yet.

goodlife36 · 12-06-2010, 06:59 PM

Congrats!

wrench409 · 12-25-2010, 07:47 AM

An update.

The mortgage company sent me the escrow amount by check which I promptly used to pay next years tax bill in full.

All is well.

And it's nice to see the extra money going into my savings rather than toward a mortgage!

SmartMoney · 12-27-2010, 07:51 AM

Just remember until (and if) mortgage interest is still a deduction, to mark some of that savings to go for annual taxes. I find it real hard to believe we won't have to pay the piper, and property taxes will have to go up to avoid states from going bankrupt and income taxes increased to pay for our government on steroids.

But you're always better off without that payment. Congratulations!

sharpie1234 · 12-27-2010, 08:16 AM

Congrats. that's fantastic!

RjRobb2 · 12-31-2010, 02:48 PM

If I were you, I would refinance about 80% of your house while interest rates are still low.

Equity is a bad investment. It has no rate of return, it isnt safe, and is not accessible when **** hits the fan.

sharpie1234 · 12-31-2010, 03:24 PM

Quote:

Originally Posted by RjRobb2

If I were you, I would refinance about 80% of your house while interest rates are still low.

Equity is a bad investment. It has no rate of return, it isnt safe, and is not accessible when **** hits the fan.

did you even read the title of this thread?
his mortgage is paid off! get it?

refinance 80% of a paid off mortgage?

you silly goose

plus, paying off the mortgage early has no rate of return? you sir are an ignoranous. the rate of return is equal to the interest rate on the mortgage.....which in today's market is much higher than any CD or MMarket account can offer you.