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Closing the Escrow Account!

February 2nd, 2013 at 04:15 pm

Thanks to some advise from Beawealthywarrior and mjrube94 for suggesting the closing of the Escrow Account. I called my mortgage company and they advised all I need to do is send them an email and they will close the Escrow account and send the funds to me.
They just made the payments from this account, so there is only about $400 in there now, and once I make my Feb mortgage payment there will be over $700. Once I make the payment for Feb then I will send the email and open a new savings account for the Escrow. The plan will be to do an automatic deposit of $350 per month.
So instead of my mortgage payment going up $100 a month, it will actually be going down $300 a month. Smile SWEET!

Posted in Mortgage/Debt Payoff | 2 Comments »

2 Responses to “Closing the Escrow Account!”

  1. Homebody Says:
    February 2nd, 2013 at 04:17 pm 1359821847
    1359821847

    That is great! Just remember to pay your bills! I forgot to pay our property tax bill that was due December 10th. First time ever I have forgotten. I did pay them as soon as I saw the bill in my pile of paperwork, but sure enough yesterday the credit union we are refinancing through sent me a letter saying prove you paid your taxes!

  2. creditcardfree Says:
    February 2nd, 2013 at 04:49 pm 1359823786
    1359823786

    This is the way I prefer to pay our taxes and insurance. It is better to hold your own money, since mortgage companies require that extra cushion.

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