@agekeith22 wrote:
I am planning on going with a piggyback loan option of 80/10/10. I was asked by my loan officer if I wanted to escrow taxes and insurance. I know for sure I do not want to escrow insurance, but I am undecided on the taxes.
My property taxes will be high, about $12k-$15k per year. I know I will be able to set aside the appropriate funds each month to accommodate for the large tax bill every year without an escrow account. Honestly, I would prefer not to escrow anything so I have control.
Are there any benefits to having taxes escrowed that I am not considering?
I think the main benefit is the automatic administration of payments, adjustment for future increases etc... .
If you're socking away over $10K by yourself for payment then you should hopefully be able to earn a better return than your lender would give you.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
