03-04-2020, 04:55 PM | #23 |
Captain
3503
Rep 1,004
Posts |
I have never escrowed them. Also have never been late with insurance or tax payments.
|
Appreciate
0
|
03-04-2020, 05:04 PM | #24 |
Brigadier General
10971
Rep 4,821
Posts |
I have never escrowed flood (pay directly), but always escrow property taxes and homeowners. Never thought of doing it another way to be honest.
__________________
Current: 2018 SO/SS F83 ZCP
Gone: 2015 SO/SO F82 |
Appreciate
2
kanovic456.00 |
03-04-2020, 06:33 PM | #25 |
Lieutenant
456
Rep 519
Posts |
In the process of doing a refinance right now from 30 to 20yrs and my monthly payment went up 30bucks. I would say it’s a good time.
|
03-04-2020, 06:39 PM | #26 |
Banned
6637
Rep 4,145
Posts
Drives: '18 M2 6MT
Join Date: Sep 2019
Location: Missouri
|
|
Appreciate
0
|
03-04-2020, 06:47 PM | #27 | |
YNWA
1043
Rep 813
Posts |
Quote:
- I used to prefer paying taxes and ins myself, but these days I actually prefer an inpound(escrow) acct. Never was late or anything, but it's just easier.
__________________
/// 2004 Silvergrey M3 · Coupe · 6MT · Slicktop · zero options
/// 2011 Jerez/Bamboo E90 M3 · DCT · Slicktop · IG: @na.s54 |
|
Appreciate
1
kanovic456.00 |
03-04-2020, 06:55 PM | #28 |
Lieutenant Colonel
2228
Rep 1,897
Posts |
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?
__________________
Retired: 2018 BMW M3 CS, 2018 BMW M3 ZCP, 2016 BMW M3
|
Appreciate
0
|
03-04-2020, 07:10 PM | #29 | |
First Lieutenant
3133
Rep 320
Posts |
Quote:
|
|
Appreciate
0
|
03-04-2020, 07:44 PM | #30 |
Lieutenant Colonel
2228
Rep 1,897
Posts |
It's too difficult to say without knowing your current balance, current term, where you are in the term, current interest rate, product, and future plans to pay off the mortgage, how long you plan to live in it, etc. It's easy to say, "Yeah, it's a great time to refinance because rates are near historic lows."; however, if your current interest rate is 3.25% and you plan on moving to a new home in the next 18 months then I'd probably say it's not a great time to refinance. It all depends on your current situation and what you're trying to do.
__________________
Retired: 2018 BMW M3 CS, 2018 BMW M3 ZCP, 2016 BMW M3
|
03-05-2020, 06:45 AM | #31 |
Lieutenant
456
Rep 519
Posts |
I really is! I sold my first house and made pretty good money on it, once the kids came wife wanted a bigger house so we bought our current and hopefully last house 1.5yrs ago when the market was booming but rates were not that great so I had to do 30yrs instead. Luckily they came down a lot so I save 8yrs for $30 dollars more.. my house already went up 40k in value so it’s a great time imo.
|
Appreciate
0
|
03-05-2020, 06:53 AM | #32 |
Major General
2452
Rep 7,341
Posts |
I escrow.
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.
2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold |
Appreciate
0
|
03-05-2020, 07:12 AM | #33 |
Major General
2452
Rep 7,341
Posts |
30yr mortgage rates are typically ~1.8% over 10yr UST. They are currently ~2.2% over. The issue is that banks set their own rates and they know full well that these are historic lows. They already have a massive backlog of business at current rates so they're not inclined to drop them to gain a competitive edge.
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.
2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold |
Appreciate
0
|
03-05-2020, 07:53 AM | #34 | ||
Brigadier General
2070
Rep 4,365
Posts
Drives: '07 Z4 Coupe, '21 X3, '16 GMC
Join Date: Aug 2007
Location: Iowa
|
Quote:
Quote:
Most of the banks with the best rates require an escrow and actually have an interest rate penalty (higher rate) if you chose not to escrow.
__________________
2007 Z4 3.0si Coupe • 6 MT • Black Saphire Metallic • PP • SP
2016 GMC Sierra SLT Z71 Premium Plus 4x4 2017 Harley StreetGlide • Denim Black • V&H Tune 2021 BMW x30i • Phytonic Blue Metallic • Fully loaded |
||
Appreciate
3
|
03-05-2020, 07:57 AM | #35 | |
Brigadier General
2070
Rep 4,365
Posts
Drives: '07 Z4 Coupe, '21 X3, '16 GMC
Join Date: Aug 2007
Location: Iowa
|
Quote:
__________________
2007 Z4 3.0si Coupe • 6 MT • Black Saphire Metallic • PP • SP
2016 GMC Sierra SLT Z71 Premium Plus 4x4 2017 Harley StreetGlide • Denim Black • V&H Tune 2021 BMW x30i • Phytonic Blue Metallic • Fully loaded |
|
Appreciate
0
|
03-05-2020, 08:44 AM | #36 |
Major General
2452
Rep 7,341
Posts |
You got a 2.75% 30yr fixed?
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.
2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold |
Appreciate
0
|
03-05-2020, 09:31 AM | #37 |
Brigadier General
2070
Rep 4,365
Posts
Drives: '07 Z4 Coupe, '21 X3, '16 GMC
Join Date: Aug 2007
Location: Iowa
|
Yeah, I called my local CU yesterday and when they told me the rate was 2.75% for a 30y fixed I jumped on it.
__________________
2007 Z4 3.0si Coupe • 6 MT • Black Saphire Metallic • PP • SP
2016 GMC Sierra SLT Z71 Premium Plus 4x4 2017 Harley StreetGlide • Denim Black • V&H Tune 2021 BMW x30i • Phytonic Blue Metallic • Fully loaded |
Appreciate
1
vreihen1615259.00 |
03-05-2020, 09:50 AM | #38 |
Major General
2452
Rep 7,341
Posts |
That's pretty far below market. The national average is still in the mid-3% range.
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.
2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold |
Appreciate
0
|
03-05-2020, 12:22 PM | #39 |
Captain
3503
Rep 1,004
Posts |
Mortgage rates adjust slower than market rates, so that wider spread should narrow.
On escrow, a larger down payment (20%+) is often sufficient to waive the escrow requirement without a higher interest rate. To the OP, if you are close to the jumbo limit for your state, consider paying the balance down below that limit before or as part of the refi. Jumbo loans have a higher interest rate than conforming loans. Then look at 15 vs 30, fixed vs ARM, and the other factors that have been discussed in this thread. |
Appreciate
0
|
03-05-2020, 12:25 PM | #40 | |
Banned
6637
Rep 4,145
Posts
Drives: '18 M2 6MT
Join Date: Sep 2019
Location: Missouri
|
Quote:
PMT: $1,180 YRS LEFT: 13 RATE: 3.375% APRSL: $250K Probably live in it for at least 20 years, then buy a new home and rent this one out. Basically trying to pay it off as fast as possible without going overboard on the payment. I was hoping to get a 10 year note at 2.75% to 2.95%. |
|
Appreciate
0
|
03-05-2020, 12:40 PM | #41 |
Major General
2452
Rep 7,341
Posts |
I thought mortgage companies required escrows to ensure their investment is protected. If you don't pay your flood policy and the house floats away, the bank is out far more money than the borrower.
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.
2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold |
03-05-2020, 12:42 PM | #42 | |
Major General
2452
Rep 7,341
Posts |
Quote:
__________________
The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost.
2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold |
|
Appreciate
1
VisualEcho6636.50 |
03-05-2020, 12:51 PM | #43 |
Colonel
8211
Rep 2,250
Posts |
It may be elementary to some on here....but just wanted to mention.....if you didn't pay 20% down when you bought your house, and now you have either enough equity or made enough payments to get to that level of 80% of the purchase price....you can eliminate your PMI payments as well.
Depending on the value of your house.....you can eliminate $2K+ a year you are paying.
__________________
Everybody has a gameplan....until they get punched in the mouth.
|
Appreciate
3
|
03-05-2020, 01:36 PM | #44 | |||
Brigadier General
2070
Rep 4,365
Posts
Drives: '07 Z4 Coupe, '21 X3, '16 GMC
Join Date: Aug 2007
Location: Iowa
|
Quote:
Quote:
Quote:
__________________
2007 Z4 3.0si Coupe • 6 MT • Black Saphire Metallic • PP • SP
2016 GMC Sierra SLT Z71 Premium Plus 4x4 2017 Harley StreetGlide • Denim Black • V&H Tune 2021 BMW x30i • Phytonic Blue Metallic • Fully loaded |
|||
Appreciate
0
|
Post Reply |
Bookmarks |
|
|