When we bought, we put down 20% to avoid PMI, but the bank still had us paying towards escrow. I was green to the process so I paid it for the first year. Second year I called to tell them I can handle property tax and insurance myself. They sent over a form, I signed and they removed it.
Its also about discipline. If you know you'll have the funds to pay property tax and insurance on time its worth it. Homeowner's insurance is required for the length of the mortgage and can be pricey. But if holding cash burns a hole in your pocket, consider staying with escrow. It would suck to lose your place over a property tax lien.
Naw. If you do a lending tree where they search for mortgages for you they ask you questions. There is a option for no escrow. But I went through the brother that did my mortgage when I bought the house and he was able to do it. But I'm pretty sure you have to have great credit to get it. At the time my score was 790.
For me the discipline isn’t the problem. I pay all my other insurances in full for the year or bi yearly for car insurance , so adding in taxes and mortgage insurance won’t be a problem.
It could be state specific. I know in Maryland specifically if a lender is first lien holder, an escrow account is required. Nothing to do with the borrower’s credit score.
Definitely state specific. Not like that in Florida. Only FHA or Gov't loans escrow is required. Not on conventional.It could be state specific. I know in Maryland specifically if a lender is first lien holder, an escrow account is required. Nothing to do with the borrower’s credit score.
Maryland law requires depository institutions doing business in Maryland that make first lien residential real property loans and maintain escrow accounts for those loans to pay a minimum rate of interest on those escrow accounts.
i used my VA for the first home in california and used NACA for the second mortgage. ill never use them again but i got %0.375 out they funky asses.
a house built in 1990 shouldn't be needing to get rewired already, imo
not a rewire. upgrade of a panel with breakers/GFCI breakers and a total overhaul of the devices in the home. wire lasts 50-70 years but your devices inside the home/upgrades should be every 30 years
i just had low - e/ argon gas windows installed upstairs. them joints is lovely man especially with the sound. the thing is, and what companies dont tell you is that if your house is 30 years old or OLDER, you need to get the exterior walls re-insulated because walls are drafty as wellI'm addicted to the lighting upgrades. Have stuff in my Amazon cart waiting for the deposits to hit. LED Medicine cabinet, Chandelier for the stairs to the basement, lighting for the Laundry Room.
Also need to add a recessed light to guest bathroom. Already did it for the primary bathroom and it was a pain getting the wiring over there with it being closest to the edge of the roof. the I'm up there in the attic like
Need to get some lighting, sprayfoam, and more insulation up there before the weather heats back up and the bugs show up.
The spray foam is just for excess gaps in the fan/wire openings, I know I've got some air leakage going through them. Do certain types work better for the attic?
