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      03-04-2020, 07:10 PM   #29
rebekahb
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Drives: 2020 X5 M50i
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Location: New Orleans, LA

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Quote:
Originally Posted by Clark_Kent View Post
Quote:
Originally Posted by rebekahb View Post
Since we're talking about re-fi's, how many people escrow their homeowners, flood, and property taxes vs paying them out of pocket. Ours were escrowed initially, but the current mortgage lady suggested I just pay them each year.
I've always used an escrow account for property taxes and homeowner's insurance. Two less bill to worry about paying. Did your banker offer a benefit to not using an escrow account?
No, she didn't offer a benefit. I typically pay over $600 extra each month towards principal. She said that we make good money so why tie it up each month. Theoretically, I could transfer that money each month into a side account. Was just curious since we were on the subject. Between the 3 insurances I think it's about 7k/year or a little less.
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