Escrow payments
81
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why is it so damn hard for mortage companies to figure out the correct amount?
my total payment dropped 10% after jumping 10% last year.
my total payment dropped 10% after jumping 10% last year.
81 is now off the air
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not getting a refund...just drives me nuts tho...you think they coudl smooth it out. i guarentee next year it will jump back up. :fp:
ah well...applying the different to my payment did shorten my loan by a month.
Just a guess. Going through my first home purchase earlier this year showed me just how much I dont know about all of this stuff.
taxes and insurance
they do some rigamaroll of a calculation to determine the monthly balance to make sure it doesn't drop below a certain amount. just drives me nuts how much it swings from one year to the next. :fp: :fp: :fp:
I fully understand how they got to my number year 1 (this year) -- sounds like I might be in for a surprise next year! (They could lower it and it would not bother me at all.)
i got year one...since then it has been a yo yo ride.
I know there's instances when you can't but its worth asking
i asked about that when i signed up....i didn't really push the issue, but they weren't too keen on that idea.
i only have to escrow the taxes... i have control over the insurance luckily
hopefully it wont be too much of a mess :?
Amen to that. What a stressful process. Bank's got me jumping through hoops and doing all sorts of cartwheels this week. :fp:
that's because they like to make sure the taxes and insurance etc are paid on the property.
tell them to go chomp, you'll pay it yourself.
(and don't get me started on just WHAT those taxes are going to!)
my taxes don't flucuate 50% per year. (this year's monthly escrow change * 12 / propert taxes)
:fp:
Yeah, I had very nice people dealing with us which made it tolerable. My wife & I both had '800' credit, only debt was small car loans almost paid off, we had everything we needed for downpayment and a bunch of money left in the bank. They still made us feel at times like it was a real hassle.
This is what we get for not being like the general dipshit that they approved for loans at 0% down with crap in the bank 10 years ago. :fp:
Good luck wrapping things up!
don't you face palm me, mister.
then something else is going on with your mortgage/loan than just a regular escrow refund/adjustment.
i'll just leave now.
bad escrow calculation programming.
You can choose to not escrow if you are at a 80% loan to value. Bank should be able to tell you if you are or not. There usually is a fee to not escrow. Some clients feel that they can take care of it on their own. Some like the ease of letting the bank do it.
If you are in a fixed rate mortgage your principle and interest should not change (for the most part) with the term you amortized it at.
The only thing that would change is your property taxes and/or home insurance. The banks will audit your escrow account a couple times a year. They go off of information provided by your insurer and county taxes. The escrow world is a devil in itself in that they have many laws of how much they can have in the account etc. I know Illinois may be all over the place with assessed values and cuts. MN saw a large drop in value based on getting rid of the homestead act and people saw their taxes go up and value down :nono:
Back in the day when the average investor could make a buck the theory was " I will keep my own money rather than have a bank hang on to it" But these days life is crazy and who wants to plan on a bi/annual tax payment and a yearly/monthly insurance payment. I know you all probably know this but thought I would add my 2 cents. :roll: :oops:
i get all that. just annoying that the escrow amounts swings so much from year to year. if i just do the % change on the escrow is 30%. and then next year, it will jump right backc up. pick a spot in the middle. is that too much to ask :fp:
Yes the Dodd Frank Act is becoming quite fun. It is a good read.
did you borrow more than 80% of the house value?
Wrigley here Billy goes! :P
I don't do them. I pay the tax and insurance myself.
Even if the mortgage companies didn't have problems trying to figure the amount, why would I want to give them my money to pay something I can pay myself>
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
This is the kind of thing that pisses me off. I have to pay a fee because most people are too irresponsible to make their own tax and insurance payments.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
fixed.
Yep. I could go on and on. According to Fannie Mae and F Mac they still have to verify that proper coverage is on the home and taxes paid. So, they "justify" a one time no escrow fee. :fp: