UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next
Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: Re: Escrow items during refi Date: 1/26/2013 9:29 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Don't cut off your nose to spite your face.

The price is the price, and unless they've made some kind of egregious error, your questioning them is not going to change anything. Remember that even though all the nitty-gritty details (about taxes, escrow accounts, etc.) are new to you, the people who prepared the paperwork do all this a couple of dozen times a day, and almost certainly know what they are doing.

If they've added some closing costs to the mortgage instead of making you pay out-of-pocket, that's good. At these low interest rates, I'd prefer to borrow as much as possible (within reason).

The risk you face in delaying the closing is that rates will jump and you will get stuck with a higher rate. Frankly, that's a risk I would not take. Certainly not over questions about a piddly amount of money like this, in an area where the answer to the question is not likely to change anything.

It's annoying when things like timing of taxes is such that you get caught in a cash-flow pinch. Been there myself. But all it does is shift the timing of the payments -- it's not that you will have to pay double tax or lose your house because the tax didn't get paid.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Post of the Day:
TMFDeej's CAPS Blog

Activist Investors Unlocking Value at LSB Industries?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement