[pm10]

I know many, if not most, of you don't carry mortgages on your TV homes. But we will be taking a mortgage, and are wondering if (like many mortgage companies in MN do), if your home owner's insurance and taxes can be included in your mortage payment. I guess I'm probably asking about TV Citizen's First Mortgage Co.

We won't be moving to TV til next year................but of course spend much of our time thinking about TV, and gathering info from all of you nice people on TOTV. Thanks!

Marcia

[scottke]

We have a mortgage w/TV mortgage company and closed in December. We had to pay one year upfront for house insurance but the taxes are held in escrow through the mortgage payment. Dealing with that mortgage company was easy with no glitches. Good luck.

[pm10]

Thanks for your replies. Yes, English, I'm sure we could pay the taxes separately. But, for the little amt of interest we'd get ..... it's easier to just pay it monthly, and not have to think about it.

[pm10]

No, we wouldn't necessarily use TV insurance. What we're used to, here, is you get your own insurance, but the mortgage companies will add the monthly amt to your mortgage payment, and pay the insurance company. It's just been easier to do it that way; and most of the people around here do the same.

[Muncle]

English, you didn't by any chance have your next mortgage payment on the game, did you???

But I think you're right about the escrow accounts. Between insurance and taxes, that's quite a bit of money to let someone else hold without interest. The concept succeeds because of lazy people like me.

[JohnN]

mortgage lenders often require a premuim these days (like 1/4 percent) if you don't escrow the taxes/insurance

[SteveFromNY]

I always thought the lender required you to put the money fro taxes and insurance in escrow. One of the reasons they refer to the payment as "PITI" (Principal, interest, taxes & insurance). As it is "their" house, they want to be certain that the quarterly tax payments are made and that the house is insured. The reason you pay a year up front for insurance is so the escrow account can start accumulating next years insurance as soon as you start paying mortgages. They are looking to protect their investment.

[l2ridehd]

Just applied with Citizens and it's your choice weather they accrue taxes and insurance. And they do pay interest, but very low I am sure. Probably like a checking account rate or something.

[billethkid]

Escrow accounts do not earn interest.

BTK