Posted on: 04th Aug, 2008 04:08 am
:D I stay here in texas and no one here would even attempt to help me ,so I went to lousiana and purchase a mobile home and Thanks to Almighty GOD I was approved and guess what i recieved no sales tax,property tax(of course it is going on family land) and no insurance escrow. I am paying for house only with a 9.25% interest rate> My ? is that good or is that not right. I am taking it as A Blessing just dont want it to hunt me later..
hi guest,
what type of loan is it? i guess a fixed rate mortgage, isn't it?
even though there's no escrow payment, yet you need to pay the annual property taxes. ok the escrow isn't there. but do you have enough savings so that in case you casn't pay for a month, the savings will make up for it. in fact, that's what an escrow does..you don't pay one month but the lender can get the payment via escrow cash reserves.
anyway, is the payment quite affordable for you or are you looking to refinance for a lower rate. if you get a lower rate and can pay the closing costs which is quite a good amount, well, it won't be a bad idea to refinance.
check out some of the refinance faqs people look forward to before they start refinancing their mortgage.
take care
what type of loan is it? i guess a fixed rate mortgage, isn't it?
even though there's no escrow payment, yet you need to pay the annual property taxes. ok the escrow isn't there. but do you have enough savings so that in case you casn't pay for a month, the savings will make up for it. in fact, that's what an escrow does..you don't pay one month but the lender can get the payment via escrow cash reserves.
anyway, is the payment quite affordable for you or are you looking to refinance for a lower rate. if you get a lower rate and can pay the closing costs which is quite a good amount, well, it won't be a bad idea to refinance.
check out some of the refinance faqs people look forward to before they start refinancing their mortgage.
take care