Should I escrow my taxes when purchasing a home?

Answer 1

if you have a hard time putting money aside, then yes, it will make home ownership easier.

Some people will tell you that it is smarter to put the money in the bank and manage your own money but don't listen to that advice.

Do what will make it easiest to pay your taxes. You will sleep better.

Answer 2

It just depends on how well you manage money.

In a purely technical sense, the best answer is to not escrow, but to put that amount in savings, earn interest on it and pay the taxes when due.

But, things happen, your girlfriend wants to go on a trip, etc. and then you tap into that savings account and then taxes come due and you have nothing.

My recommendation -> escrow the taxes, never worry about it again.

Answer 3

I don't (makes my payment smaller) but you gotta have the cash at tax time. I'm pretty good at putting it away but if your not good with $ don't take the chance on having to come up with 2-4 thousand dollars.

Answer 4

Depends if your good at saving money. If so, you should not impound your taxes and insurance.

Answer 5

If you get a mortgage....yoou will not have a choice. If you are paying cash...you would do better in a savings account!

Answer 6

You should make sure your taxes are put into your monthly payment.

Answer 7

YES

Answer 8

yes,