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07-28-2020, 07:22 PM
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Sage
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Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 7,875
Thanks: 14,342
Thanked 5,110 Times in 1,956 Posts
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Quote:
Originally Posted by Yucatan2
We chose to only have our mortgage with principle and interest, and pay the taxes separately . But we also put a large down payment on it.
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For many years I chose to pay only P&I to the mortgagee as I could obtain interest income on funds I would set aside for T&I. The loans I have taken out in the last few years in CA and ID I chose PITI because interest rates on savings have been so low the convenience was worth it. Plus lenders in CA and a few other states must now by law pay interest on escrow accounts. I am not sure about FL as I do not have a mortgage on my house here.
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