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  • #31
    Originally posted by slow99 View Post
    Did you read the thread? I didn't have to escrow.
    I made my comment before reading the rest of the thread, but I left my comment in because you still escrowed because you didn't put 20% down. I'm sure you had your reasons, but it still doesn't make much sense to me.

    I would put 20% down for no other reason than to not have the bank dictate what is escrowed and what isn't. Plus, I like to time my itemized deductions.
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    • #32
      Originally posted by quikag View Post
      I made my comment before reading the rest of the thread, but I left my comment in because you still escrowed because you didn't put 20% down. I'm sure you had your reasons, but it still doesn't make much sense to me.

      I would put 20% down for no other reason than to not have the bank dictate what is escrowed and what isn't. Plus, I like to time my itemized deductions.
      Among other things, it's the basic leverage function. If your borrowing cost if less than your expected return, lever it up. Sub 4% cost of borrowing, no brainer. Why would I sink 20% of my capital into that? As stated above I have a guaranteed 7.25% return if I preferred to sink capital into something. I don't plan on ever prepaying the mortgage either.
      Last edited by slow99; 02-12-2015, 10:16 AM.
      Originally posted by davbrucas
      I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

      Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

      You and slow99 should date. You both have passive aggressiveness down pat.

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      • #33
        Originally posted by Roscoe View Post
        Wonder if I can "cancel" my escrow.... I've never seen one get it right at all..
        If you are on a non government loan and under 80% LTV you should be able too.

        If you started at 80% LTV it should be easier, but if you started above that then it may require an appraisal. Same scenario, a PMI company may require you to carry escrow while you maintain PMI.

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        • #34
          Originally posted by AdamLX View Post
          If you are on a non government loan and under 80% LTV you should be able too.

          If you started at 80% LTV it should be easier, but if you started above that then it may require an appraisal. Same scenario, a PMI company may require you to carry escrow while you maintain PMI.
          Cool - that's what I thought but just wanted to double check.

          Do you just call your mortgage company/bank that has the loan and escrow and say "I'd like to unsubscribe from your service"?

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          • #35
            Originally posted by slow99 View Post
            Among other things, it's the basic leverage function. If your borrowing cost if less than your expected return, lever it up. Sub 4% cost of borrowing, no brainer. Why would I sink 20% of my capital into that? As stated above I have a guaranteed 7.25% return if I preferred to sink capital into something. I don't plan on ever prepaying the mortgage either.
            Can you provide a little more detail on this "guaranteed" 7.25% return? Is that your student loan rate? If so, that makes sense. I understand leverage, but I'm pretty debt adverse in general, so I assign a personal "sleep well at night" value to minimal debt even if it's at the expense of incremental return.

            I've debated paying off my 2.6% mortgage, but even I realize that is stupid despite my comments above.
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            • #36
              Originally posted by quikag View Post
              Can you provide a little more detail on this "guaranteed" 7.25% return? Is that your student loan rate? If so, that makes sense. I understand leverage, but I'm pretty debt adverse in general, so I assign a personal "sleep well at night" value to minimal debt even if it's at the expense of incremental return.

              I've debated paying off my 2.6% mortgage, but even I realize that is stupid despite my comments above.
              Ha, yeah.

              Yes, 7.25% student loan rate.
              Originally posted by davbrucas
              I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

              Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

              You and slow99 should date. You both have passive aggressiveness down pat.

              Comment

              • #37
                Originally posted by slow99 View Post
                Ha, yeah.

                Yes, 7.25% student loan rate.
                Okay, it all makes sense now.
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                • #38
                  Originally posted by quikag View Post
                  I made my comment before reading the rest of the thread, but I left my comment in because you still escrowed because you didn't put 20% down. I'm sure you had your reasons, but it still doesn't make much sense to me.

                  I would put 20% down for no other reason than to not have the bank dictate what is escrowed and what isn't. Plus, I like to time my itemized deductions.
                  I see 20% down beneficial to getting out of the PMI, that shit is costing me around 180 a month. Unless I refinance I have to pay it for a guaranteed 5 years regardless of the the loan to appraised value which is costing me an extra 10,800.

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                  • #39
                    Originally posted by snacksnack View Post
                    I see 20% down beneficial to getting out of the PMI, that shit is costing me around 180 a month. Unless I refinance I have to pay it for a guaranteed 5 years regardless of the the loan to appraised value which is costing me an extra 10,800.
                    After 2 years, you can submit an appraisal showing you have sufficient equity and get the PMI removed.
                    Originally posted by davbrucas
                    I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

                    Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

                    You and slow99 should date. You both have passive aggressiveness down pat.

                    Comment

                    • #40
                      Originally posted by slow99 View Post
                      After 2 years, you can submit an appraisal showing you have sufficient equity and get the PMI removed.
                      I was told that you had to wait 5 years now when I purchased my home a year and a half ago. Has it changed recently? FHA loan btw.

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                      • #41
                        Originally posted by snacksnack View Post
                        I was told that you had to wait 5 years now when I purchased my home a year and a half ago. Has it changed recently? FHA loan btw.
                        I don't know about FHA.
                        Originally posted by davbrucas
                        I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

                        Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

                        You and slow99 should date. You both have passive aggressiveness down pat.

                        Comment

                        • #42
                          First, let's talk about homeowners with an FHA mortgage pre-dating June 3, 2013. For these homeowner, their FHA MIP will automatically cancel when the following conditions are met :

                          For a 30-year loan term : Annual MIP cancels once the loan reaches 78% loan-to-value and annual MIP has been paid for at least 60 months.

                          I believe I fall in this category and the 60 months thing.

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                          • #43
                            Originally posted by Roscoe View Post
                            Cool - that's what I thought but just wanted to double check.

                            Do you just call your mortgage company/bank that has the loan and escrow and say "I'd like to unsubscribe from your service"?
                            Yep, just call and ask to speak to the escrow department, or whoever handles escrow questions, and request to cancel it.

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                            • #44
                              Originally posted by juiceweezl View Post
                              No escrow, no problem. I stash money all year long and then pay the taxes in one lump sum from the account where I hide the money. It comes out of my paycheck automatically. That crazy changing escrow mess happened on my first house way back in 1998, and I swore never again. I haven't paid PMI or any escrow since.

                              As for the tax hike the OP mentioned, my guess is new house built. The old value was probably just the land. Drop a house on it and the property value goes way up. Not sure if new build though.
                              I do the exact same thing. Save weekly based on my previous years taxes and then write a check in January.
                              DE OPPRESSO LIBER

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                              • #45
                                Originally posted by slow99 View Post

                                So, my monthly mortgage/tax payment just jumped $700 a month on me. Again, I get it, just pissed they explained it wrong when I was being proactive about it.
                                Christ. Jumped $700? I don't even pay $700 a month, I couldn't even imagine a $700 jump.
                                DE OPPRESSO LIBER

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