Comments on: A Pleasant Surprise http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Thu, 24 May 2012 22:27:00 +0000 hourly 1 http://wordpress.org/?v= By: Me Myself And I http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/comment-page-1/#comment-115214 Me Myself And I Fri, 22 Jun 2007 16:57:17 +0000 http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/#comment-115214 What's an escrow account ;) Actually, my wife and I managed to skimp and save up for a 20% downpayment on our first house, and never did escrow. Thereby giving us the freedom of putting any extra money into an EmigrantDirect account to earn interest until the quarterly payment is due. What’s an escrow account ;)

Actually, my wife and I managed to skimp and save up for a 20% downpayment on our first house, and never did escrow. Thereby giving us the freedom of putting any extra money into an EmigrantDirect account to earn interest until the quarterly payment is due.

]]> By: whodean http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/comment-page-1/#comment-104811 whodean Wed, 16 May 2007 20:36:51 +0000 http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/#comment-104811 We're buying our first home and I negotiated to NOT have escrow account just for this reason. We’re buying our first home and I negotiated to NOT have escrow account just for this reason.

]]> By: JOhn BoB http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/comment-page-1/#comment-104528 JOhn BoB Tue, 15 May 2007 21:18:13 +0000 http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/#comment-104528 CA law requires that interest be paid on escrow accounts. My state,however, does not. CA law requires that interest be paid on escrow accounts. My state,however, does not.

]]> By: Chris http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/comment-page-1/#comment-104472 Chris Tue, 15 May 2007 16:44:13 +0000 http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/#comment-104472 My mortgage company insisted on an escrow account under the terms of the loan. I imagine because they knew they would get extra income in the interest they earn from keeping my money. They do give you interest (at least my bank does) on the balance you keep in escrow, but its a paltry amount. I do plan on refinancing into a better interest rate and saving up my own taxes/insurance. It's a simple thing that will earn me money as it sits in a savings account, and really, my bank isn't doing much of a good job balancing the escrow account anyway. My mortgage company insisted on an escrow account under the terms of the loan. I imagine because they knew they would get extra income in the interest they earn from keeping my money.

They do give you interest (at least my bank does) on the balance you keep in escrow, but its a paltry amount.

I do plan on refinancing into a better interest rate and saving up my own taxes/insurance. It’s a simple thing that will earn me money as it sits in a savings account, and really, my bank isn’t doing much of a good job balancing the escrow account anyway.

]]> By: Foobarista http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/comment-page-1/#comment-104471 Foobarista Tue, 15 May 2007 16:41:32 +0000 http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/#comment-104471 Is it common for most people to pay their taxes and insurance this way? I always paid my taxes and insurance directly and didn't have the bank "escrow" them for this reason. Is it common for most people to pay their taxes and insurance this way? I always paid my taxes and insurance directly and didn’t have the bank “escrow” them for this reason.

]]> By: D http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/comment-page-1/#comment-104470 D Tue, 15 May 2007 16:07:30 +0000 http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/#comment-104470 I would utilize these "extra" dollars to pay down my principle. After all you already paid them in. These dollars will help to increase your equity and negate the need for an escrow account faster. Allowing you to manage your "escrow" dollars yourself and reap the benefits of interest all year long. I would utilize these “extra” dollars to pay down my principle. After all you already paid them in. These dollars will help to increase your equity and negate the need for an escrow account faster. Allowing you to manage your “escrow” dollars yourself and reap the benefits of interest all year long.

]]> By: Chris http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/comment-page-1/#comment-104460 Chris Tue, 15 May 2007 15:45:52 +0000 http://allfinancialmatters.com/2007/05/15/a-pleasant-surprise/#comment-104460 That's nice news. My last escrow notice reported a $300 shortage that I had to pay (I've only owned my home for 2 years but the bank never seems to get my escrow payment right). That’s nice news. My last escrow notice reported a $300 shortage that I had to pay (I’ve only owned my home for 2 years but the bank never seems to get my escrow payment right).

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