The poperty Tax and
The homeowners insurance?
I would like to split those up and divide the cost with my better half
2007-12-26 10:15:51 · 5 answers · asked by DRNoraSarasin 3 in Business & Finance ➔ Renting & Real Estate
Taken off I mean
2007-12-26 10:16:22 · update #1
No. You either do, or do not, have an impound account. If you don't, you pay the taxes and insurance separately; the normal mortgage payment is made in any case. If you do, the taxes and insurance will be paid from that account as they become due. If you prefer to pay these directly yourself, ask the mortgage servicer to terminate the impound account; if your payment record is good, they will probably agree to do so.
2007-12-26 10:26:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends on what your mortgage agreement says. Most lenders require that those items be included in your payments and put into an escrow account.
2007-12-26 18:24:23 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
Talk to your mortgage company. When I got a mortgage with my then boyfriend, we were able not to escrow because we both had excellent credit. So it was part of the set-up of the original mortgage. I'm not sure how to change a mortgage in which you have been escrowing, but your mortgage company can tell you.
2007-12-26 18:34:08 · answer #3 · answered by jamie5987 4 · 0⤊ 0⤋
Are you asking if you can stop paying those charges into your escrow or impound account?
If so, you need prior lender approval. This is difficult to receive, but you can also refinance with another lender who does not offer escrow accounts. Rates are going down now anyways.
2007-12-26 18:24:31 · answer #4 · answered by Matt K 4 · 2⤊ 1⤋
The impound account can only be eliminated with the lender's consent.
2007-12-26 18:19:36 · answer #5 · answered by npk 7 · 0⤊ 0⤋