07 Mar 2009 @ 10:56 PM
Escrows — Pay With Mortgage or Use To Save Interest?
Why do a lot of lenders not give mortgages unless you pay them escrows with the monthly payment? They will not even give you an option. Because they make good use of your money while it is waiting for tax time. There are some lenders however who will give you an option, and if they do, you would be wise to say ‘no thank you to paying escrows, I’ll pay my own taxes’, and here is why. #1 — Taxes are due twice a year, so if you are paying the bank/lender a portion every month, what are they doing with that money? Of course they are investing it and earning themselves some nice interest. They are most likely lending it to someone else. Maybe you are the someone else? #2 — Let us look at how that escrow payment money could be working for you instead of working for the lender. More »
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