Announcement

Collapse
No announcement yet.

mortgage/escrow

Collapse
X
Collapse
 
  • Page of 2
  • Filter
  • Time
  • Show
Clear All
new posts
Previous 1 2 template Next
  • #1

    mortgage/escrow

    last year i got a letter from wells fargo stating the escrow portion of my scheduled mortgage payment did not cover my property taxes and or insurance premiums. being an idiot i payed just assuming it was something they would fix the next year and my house payment went up $100. well here we go again, another $1750 short. they give me 2 options pay the $1750 in full and the house payment goes up another $120 a month, or pay it out over 12 months @ $144 a month tacked onto the $120 a month the note is going up anyway. im dumb, wha the hell can i do to keep this shit from going up every single year? fight property taxes? change insurance? gracias gents!

    TLDR: why my house payment go up erry year??

    god bless.
    It is easier to build strong children than to repair broken men -Frederick Douglass
    Tags: builder pays svo mortgage, svo lender pays him
  • #2
    Look to see if it's your taxes or insurance. Most people never shop home owners insurance and they'll increase it on you year after year.

    Comment

    • #3
      Are you allowed to do your own escrow with all mortgage companies? I wasn't sure if it was mandatory that they do it or not.

      Comment

      • #4
        Originally posted by ELVIS View Post
        last year i got a letter from wells fargo stating the escrow portion of my scheduled mortgage payment did not cover my property taxes and or insurance premiums. being an idiot i payed just assuming it was something they would fix the next year and my house payment went up $100. well here we go again, another $1750 short. they give me 2 options pay the $1750 in full and the house payment goes up another $120 a month, or pay it out over 12 months @ $144 a month tacked onto the $120 a month the note is going up anyway. im dumb, wha the hell can i do to keep this shit from going up every single year? fight property taxes? change insurance? gracias gents!

        TLDR: why my house payment go up erry year??

        god bless.
        This has happened to us every single year we've been under Wells Fargo. Every year it goes up because of a shortage or something like that. If you have the cash, you pay up front but your mortgage payments still go up. Our monthly payment has increased $200 since we moved in 5 years ago. This never happened with BofA. It's very frustrating.

        Comment

        • #5
          Find out first what exactly went up,if it's insurance then start calling around and get some quotes.If it property taxes then ya all you can do is go fight it with the city. The 2nd year we were in our new house this happened and the taxes went up so our payment went up about $100. The following year it actually went down almost the same amount, this year it went up about $50. Fucking bullshit if you ask me.....

          Comment

          • #6
            I bought a house in Fort Worth in 2011 and sold last year. My payment went up $400 a month in that time mostly due to property taxes. I moved to WA and bought a house for 100,000 more and my property taxes are almost half of what they were down there.

            As stated in another thread fight them if they go up. They can only say no and it might save you some coin.

            Comment

            • #7
              Simple - don't escrow.

              Comment

              • #8
                Your best bet if you escrow is to always set aside a couple hundred per month and write the bank a check to cover the escrow shortage instead of starting the seesaw effect of paying it off monthly.

                You are escrowing for life with a VA / FHA loan. You need 20-22% equity to waive escrows on a conventional mortgage.

                All homeowners are seeing taxes going up along with escrow shortages. Welcome to the bubble.

                Page Not Found
                http://www.dallasnews.com/investigations/watchdog/20160422-how-to-protest-your-property-taxes-in-texas.ece

                Comment

                • #9
                  You have a home loan? Psh! You're a dfw mustanger... Pay taxes and insurance up front for 10 years in advance and for gods sake, just pay your house off with the cash under your cowskin rug!
                  "PSH!!!"

                  Comment

                  • #10
                    When I bought my home I did 1 loan for 80% of value and another loan for the 20% of the value. This way it looked like I had the 20% equity and did not have to do escrow or PMI.

                    I split pay my property taxes paying in November and June and pay my insurance annual

                    Comment

                    • #11
                      Never experienced this and I escrow.

                      Comment

                      • #12
                        Originally posted by 95DRGT View Post
                        When I bought my home I did 1 loan for 80% of value and another loan for the 20% of the value. This way it looked like I had the 20% equity and did not have to do escrow or PMI.

                        I split pay my property taxes paying in November and June and pay my insurance annual
                        I put 35% down on my home, so are you saying i don't have to escrow or PMI? Sorry, i have no idea how this works.

                        god bless.
                        It is easier to build strong children than to repair broken men -Frederick Douglass

                        Comment

                        • #13
                          Originally posted by ELVIS View Post
                          I put 35% down on my home, so are you saying i don't have to escrow or PMI? Sorry, i have no idea how this works.

                          god bless.
                          PMI never should have been an option after @ 20% plus. As for escrow it's a toss up on who you're getting your mortgage through. Some will say you have to, some don't care, some make you pay a fee up front at closing for not escrowing.

                          Comment

                          • #14
                            Originally posted by David View Post
                            PMI never should have been an option after @ 20% plus. As for escrow it's a toss up on who you're getting your mortgage through. Some will say you have to, some don't care, some make you pay a fee up front at closing for not escrowing.
                            I put enough down that escrow was not a requirement, but it was cheaper to get one that required escrow. I've had no issues with it, aside from changing insurance and having to pay/get refunded, etc. I dont have any complaints.
                            "If I asked people what they wanted, they would have said faster horses." - Henry Ford

                            Comment

                            • #15
                              Originally posted by ELVIS View Post
                              I put 35% down on my home, so are you saying i don't have to escrow or PMI? Sorry, i have no idea how this works.

                              god bless.
                              You definitely shouldn't have had to have PMI. How long ago did you buy?

                              I've had fluctuation in my escrow, mostly due to changes in property taxes. Most people will experience a yearly increase in property taxes. It is a damn racket, they don't actually send someone out to take a look at properties, they just increase a certain percentage every year it seems like.

                              Once you get your tax statement, go to work and put together a list of things that need fixed on your home, the more the better. Last year, I submitted a bid for $7k worth of fence and $1k worth of grading, my purchase price that was $11k less than what my property showed on the tax roll. I pushed for the $92K I bought my house for vs the $113K they had it appraised at, they met me in the middle at $96K or $97K. Thanks to that, my previous years increase in escrow was erased and my overall payment dropped $50 vs when we first bought the house 2 years ago.

                              I will be doing the same thing this year and adding in an estimate to replace the entire HVAC system.
                              Originally posted by Leah
                              Best balls I've had in my mouth in a while.

                              Comment

                              Previous 1 2 template Next
                              Working...
                              X