No. of Recommendations: 0
I got a mortgage without escrow right from the start; it required a larger than usual down payment, however. Interesting that many lenders told me outright that they wouldn't do that - regardless of the size of the downpayment. You are absolutely right. Why do I need some company to pay the taxes and insurance for me. My homeowners is billed annually, so we drop a check in the mail once a year. Property taxes are 1/4ly, so 4 times a year we visit the tax collectors office at town hall and pay in person. Not a big deal, and we are guranteed that it gets done, instead of hoping and praying the mortgage company does it for us. I've heard some real escrow horror stories which is why we went the "no-escrow" route.

I once spent a summer working for a mortgage company. They messed up escrow account left and right. Of course, since the majority of people live paycheck-to-paycheck, they got royally hosed when they had to repay the bank who covered the tax bill. The stories I could tell...

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.