I handle my own. My employer allows me to split the auto deposit from my paycheck into several accounts. One of them is a savings account that I put the mortgage, insurance and tax payment, and a little extra for house expenditures.
The insurance and taxes come as a bill once per year and I pay them electronically, just like the power and water bill.
-Seconds Count. Misses Don't-
I handle my own. My credit union allows me to me to schedule bill payments a year in advance and it only takes a moment to set billpay up when I get new property tax or insurance bills. It pays the insurance by EFT and it pays the property tax by printing a physical check and mailing it. Doesn't even cost me a stamp and I don't have to pay my county's "convenience" fees for paying property taxes through their web portal (funny how I'm supposed to pay for their convenience).
Probably unrelated but I had occasion to visit the assessors office at tax time once. Here our property taxes are due every six months so lots of people going there to pay their taxes in person. There was a sheriffs deputy posted in the lobby. I asked the clerk why there was a deputy posted there. She said things get a little sporty around tax time. I could only imagine.
In the P-F basket of deplorables.
About 15 years ago I was doing some due diligence on a property in Humboldt County and needed to pull records at the assessor-recorder's office. It happened to be late November, when the first installment is due, and the lobby was full of people who reeked of the fall marijuana harvest paying their property taxes - in cash. There was no deputy or private security guard, but I'd bet at least half of those in attendance there were armed. Still, I'm kind of surprised no one ever tried to stick up the place...Originally Posted by Borderland
I do my own. Our property taxes can be every 6 months or you can pay the year. Insurance I pay by the year. I have money pulled from my check into different savings accounts.
The escrow on my old house would be a little over and they'd cut me a check, then property taxes would go up (every year) and then there wouldn't be enough and they'd want a check. I also like to keep tabs on my homeowners insurance as they tried to slip in a huge increase once. I'd rather just deal with it myself, I don't think there is much of an advantage fiscally, and I actually thought most escrow accounts did accrue some interest if the money was sitting there.
I had my previous house paid off and I had an automatic transfer set up to fill a savings account to pay taxes once a year.
My current home bought in August, I got everything set up with the mortgage.
We had a choice of an escrow account with interest or one without. We went with interest, not sure why you wouldn't.
I have done it both ways. I prefer non-escrow. I don't need a bank to "help" me pay my bills.
Like telling me that they need to increase my payment to cover a "shortfall", then tell me there was too much in the account and refund it to me, then turn around and send me a bill because my escrow account was "too low" after they paid taxes. Not once, at least 3 times I can remember.
I am not kidding.
The was a major bank too, Bank of America.
So when I bought my 2nd house and the option was there to not escrow, I jumped on it.
Years ago i had a mortgage where the option not to escrow was available if the mortgage amount was less than 80% LTV. Current mortgage requires escrow regardless. Difference may be State. TX pays its bills on property taxes, since we don't have state income tax. Property tax here is 5x what I paid in NC, for a house that is definitely not 5x the price.
"No free man shall ever be debarred the use of arms." - Thomas Jefferson, Virginia Constitution, Draft 1, 1776
My problem with escrow is where I live theres an early pay with discount option, zero penalty if paid on time and every month after theres a penalty that increases each month.
When I refinanced I did self pay as the prior loan company didnt pay on the discount month.
I'll wager you a PF dollar™ 😎
The lunatics are running the asylum
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