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05-25-2009, 11:26 AM
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is it possible on our mortgage to pay off...
...our escrow fee which we also borrowed? and is part of our mortgage. Would then lower our monthly mortgage payments? that is if it is possible to pay off escrow? I have a 30 year fixed
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05-25-2009, 12:48 PM
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You cannot pay off escrow, but you can choose NOT to have your taxes and insurance in escrow once you owe no more than 80% of the value of the home.Escrow is not a fee, nor is it something you borrowed. It is a method of collecting for your annual taxes and insurance on a monthly basis so the bank can assure you are paying those bills.I never escrow, but I never borrow more than 80% on a home, so it's not an issue. However, at the end of the year, I have to be ready to pay about $6,000 at once for taxes and insurance.Once you stop paying escrow, you will need to be ready to pay your insurance and taxes in lump sums.
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