Home owners oka sari randi.. Escrow gurinchi matladaali

[afmod1]

Hello Bros..

Escrow account enti? 

Pros Cons cheppandi? Lender wants to maintain it. .is it okay.. what all need to look for in an Escrow account?

Cancel cheyyocha kavalante? or is it good for letting lender manage that account..??

 

 monthly mortgage payment lo main ga observe cheyyalsinavi enti? Please give all details.. it could help others too..

 

thanks a lot

[Quickgun_murugan]

@afmod1

Escrow account tho mee lender will pay your property taxes and home insurance ..on the due dates... mostly it is good to have the account managed by lender..

Cons gurinchi eppudu aalochinchaledu or observe cheyyaledu...

LTT for experts... 

@Spartan @k2s @ICANWIN @mybabyboy 

[kasi]

3 minutes ago, afmod1 said:

Hello Bros..

Escrow account enti? 

Pros Cons cheppandi? Lender wants to maintain it. .is it okay.. what all need to look for in an Escrow account?

Cancel cheyyocha kavalante? or is it good for letting lender manage that account..??

 

 monthly mortgage payment lo main ga observe cheyyalsinavi enti? Please give all details.. it could help others too..

 

thanks a lot

pros cons chusi theskunea scene ledu akkda

escrow is like a stash or like prorated payments.....

[Quickgun_murugan]

5 minutes ago, kasi said:

pros cons chusi theskunea scene ledu akkda

escrow is like a stash or like prorated payments.....

@kasi bro... manaki year end lo thelusthada taxes insurance anni pay ayyayi ani? is there a way to access that escrow account?

[Hitman]

Just now, Quickgun_murugan said:

@kasi bro... manaki year end lo thelusthada taxes insurance anni pay ayyayi ani? is there a way to access that escrow account?

Escrow lekapothe upfront pay cheyyali. taxes +Insurance. Lender statement istadu, you can use for tax returns (if eligible).

[Quickgun_murugan]

3 minutes ago, Hitman said:

Escrow lekapothe upfront pay cheyyali. taxes +Insurance. Lender statement istadu, you can use for tax returns (if eligible).

oh thats kool... Principal & Interest meeda tax returns emaina osthaya bhayya??

naaku principal around $700 

Interest around $1300 estunnadu with around $450 escrow... ee amounts change chepiyyocha.. like paying more to principal and less to interest?

[Quickgun_murugan]

@afmod1 what is your monthly P&I

[Quickgun_murugan]

17 minutes ago, Hitman said:

Escrow lekapothe upfront pay cheyyali. taxes +Insurance. Lender statement istadu, you can use for tax returns (if eligible).

 

[Suhaas]

33 minutes ago, Quickgun_murugan said:

oh thats kool... Principal & Interest meeda tax returns emaina osthaya bhayya??

naaku principal around $700 

Interest around $1300 estunnadu with around $450 escrow... ee amounts change chepiyyocha.. like paying more to principal and less to interest?

Bro, you can pay as much principal as you can per month. Your mortgage interest depends on your total loan balance meaning you can reduce your monthly interest by paying off your balance(extra payment toward principal) aggressively. 

The interest portion of your monthly mortgage payment is tax deductible. 

 

[iddaritho]

10 minutes ago, Suhaas said:

Bro, you can pay as much principal as you can per month. Your mortgage interest depends on your total loan balance meaning you can reduce your monthly interest by paying off your balance(extra payment toward principal) aggressively. 

The interest portion of your monthly mortgage payment is tax deductible. 

 

interest portion of your monthly mortgage is tax deductible only if it crosses 12 thousand I think and Trump is increasing it to 18 I think 

so no benefit on that 

But for you 1300 ante you might have tac benefit 

[budgetpadbhanabam]

before refinancing  my home loan i dnt have an excrow so i nused to pay my Home owenr insurance and property taxes when they are due. But after refi the new lender made it mandatory to have excrow but also promised that i can cancel after my first payment.

 

I dint cancel this because:

Cons:

If are aggressive investor who can get more returns instead of banking them in escrow . Can you invest 1000$(just assume) monthly instead of keeping them in escrow acct

If you are person who is on time with payments dont go with escrow.

 

Pros

You dont have to look for due dates

Fixed monthly payment every month.

Not to worry about missing payments to tax collector which will foreclose your home.

Dont have to pool money when the property taxes are due twice a year.

 

 

 

 

 

 

 

 

 

 

[budgetpadbhanabam]

6 minutes ago, iddaritho said:

interest portion of your monthly mortgage is tax deductible only if it crosses 12 thousand I think and Trump is increasing it to 18 I think 

so no benefit on that 

But for you 1300 ante you might have tac benefit 

avuna this is new to me ...but i pay 1500 every month just for interest and property taxes on top of it..

[Quickgun_murugan]

9 minutes ago, budgetpadbhanabam said:

avuna this is new to me ...but i pay 1500 every month just for interest and property taxes on top of it..

1500 is P&I aa or just interest aa @budgetpadbhanabam bro?

 

[Quickgun_murugan]

17 minutes ago, iddaritho said:

interest portion of your monthly mortgage is tax deductible only if it crosses 12 thousand I think and Trump is increasing it to 18 I think 

so no benefit on that 

But for you 1300 ante you might have tac benefit 

18k inka em confirm kaaledu kada bro?

[Simple123]

8 minutes ago, Quickgun_murugan said:

18k inka em confirm kaaledu kada bro?

that is part of proposed tax reform. which is still due