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Escrow Account Closing is in motion

February 13th, 2013 at 01:20 pm

I emailed my mortgage lender and she is closing out the Escrow Account. She advised it will be about a week and we should receive a check for the funds (est $700). I changed the name of my Long Term Emergency Fund to Long Term EF/Escrow Account and will put the $700 in there once it is received and set up my autodeposit. Smile

5 Responses to “Escrow Account Closing is in motion ”

  1. MonkeyMama Says:

    Welcome to the dark side! Big Grin
    You will probably have your mortgage paid off so quickly, that it's probably best to get in the habit of paying your own taxes and insurance. BEcause that will be *forever.* Wink

  2. creditcardfree Says:

    I personally liked paying the insurance and taxes ourselves. Much easier than all the crazy adjustments banks like to make and it seems they are always behind with them too.

  3. Beawealthywarrior Says:

    I too have no escrow and love it that way!!

  4. snafu Says:

    Does your Municipality have their own tax installment payment plan? It's a no fee, worry free, automatic payment plan. When you combine various insurance coverage with the same agent or specific provider, there is typically a discount on the rate. I suggest checking to determine if there are fees for monthly or semi annual payments.

    If you have concerns about automatic withdraw, I suggest opening a dedicated account so that you can transfer sums needed each payday. With banks adding fees, it's important to review and be aware of charges.

  5. SecretarySaving Says:

    You'll probably end up seperating those accounts to Escrow and Long Term EF.

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