---

Impound/Escrow account

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
mthynguyen Joined: 25 Feb 2011 Posts: 1 1.36 Dollars($)	Posted: Fri Feb 25, 2011 1:44 am    Post subject: Impound/Escrow account Like 0 Dislike 0 We have 20% downpayment and we don't want to have an escrow account establish. We like to take care of things ourself. Our lender is telling us that to waive this, they are charging us .25%. This is ridiculous. I understand the risk factor, but knowing that we put 20% downpayment and our credit history and the fact that you agree to loan us the money is not enough for you to not charge the fee? But the other part is, we will do the work of writing the checks and the paying these vendors ... meaning you the lender don't have to do it...is less work for the lender. So why must we pay this fee? And how do we go about getting it waive or reduce? Your help and advice is much appreciated.
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Sat Feb 26, 2011 12:39 pm    Post subject: Like 0 Dislike 0 No helping here but I can try and explain The risk is that is you do NOT pay it the state could put a tax lien on your home which would be in a higher lien position than the mortgage. Yes this is a standard hit to fee/with every bank. It isn't an adjustment to the rate but rather a cost of 1/4% of the loan amount charge.... _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0