Are you going to see a spike in foreclosures??

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huskers1217 said:
Especially with those with Escrows who mortgages are about to skyrocket with the increase in home insurance??
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Probably not. But I've never understood the demonization of escrow. Insurance going up is going to screw people with or without it.
 
fordman84 said:
Probably not. But I've never understood the demonization of escrow. Insurance going up is going to screw people with or without it.
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I don't like escrow because you are required to have like a $2500 cushion or something.. Not sure what is going to happen if Escrows can't cover home insurance if they go up that much. some people here are saying its almost doubled with the "value of housing" up plus the supplies up.
 
huskers1217 said:
I don't like escrow because you are required to have like a $2500 cushion or something.. Not sure what is going to happen if Escrows can't cover home insurance if they go up that much. some people here are saying its almost doubled with the "value of housing" up plus the supplies up.
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Don’t ever roll your escrow into your payment if you don’t have to. You pay more for your rate when you do that.
 
huskers1217 said:
I don't like escrow because you are required to have like a $2500 cushion or something.. Not sure what is going to happen if Escrows can't cover home insurance if they go up that much. some people here are saying its almost doubled with the "value of housing" up plus the supplies up.
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My homeowner's policy went up about 8% this year, but it actually was down the previous year, so it's not much more than I was paying in 2021.

Fuck escrow. I'll hold my own money and pay my own bills, thanks. I understand why some people like it, and that's fine, it's just not for me.
 
RobBase (c) said:
Don’t ever roll your escrow into your payment if you don’t have to. You pay more for your rate when you do that.
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I also don't think you actually have to roll it into your payment. I know some banks say that is their policy, but the last one that told me that I said then I'm not closing with you, and they removed it.
 
huskers1217 said:
I don't like escrow because you are required to have like a $2500 cushion or something.. Not sure what is going to happen if Escrows can't cover home insurance if they go up that much. some people here are saying its almost doubled with the "value of housing" up plus the supplies up.
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Yeah there is usually an over payment and a difference check cut at the end of the year. I just turn around and send that check right back to them. Even though we have paid enough to not need escrow, I prefer it so I don't have save and budget for the big tax and insurance check at the end of the year. And I know I'm not going to be investing that money monthly, if I'm being honest.
 
fordman84 said:
Yeah there is usually an over payment and a difference check cut at the end of the year. I just turn around and send that check right back to them. Even though we have paid enough to not need escrow, I prefer it so I don't have save and budget for the big tax and insurance check at the end of the year. And I know I'm not going to be investing that money monthly, if I'm being honest.
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i have it because I'm lazy and know I wouldn't have the full amount when it became due.....
 
fordman84 said:
what was your state income tax? Mine was $0.
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I'm not sure what the rate is. Lemme pull up my W2 and a calculator....

5.3% state, 3.4% city/local. Combined, it's more than I pay in Federal.
 
tabascojet said:
You only pay 2500$ in property taxes for queens? Fucking murphy...
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Yeah, I don't live in "the greatest school district in the country" like you do. Plus, a lot of the tax burden here is picked up by businesses and corporations.
 
huskers1217 said:
i remember PA had a 1% state tax and I don't have that here.

in PA, we had to fill out like 3 tax returns if I remember that right.

fed, state, township

just fed here
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That's how it was when I lived in VA, although not all towns had one. The county/towns had personal property tax on top of that and property tax. In the mid 90s it cost me over $400/year to get my tags on a car and truck.
 
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