Why I Don’t Use Mortgage Escrow - My $300 Surprise. NEVER ESCROW!

You could be spending unnecessary money by escrowing your taxes and insurance with your mortgage. Today I share the mortgage escrow explained and why you should NEVER escrow in your mortgage payment.

When you use your mortgage company's escrow account, you basically pay them to hold funds for your Property Taxes and Insurance. Then when the bills come due, they pay your taxes and insurance for you. But often times the taxes and insurance are miscalculated within your mortgage escrow account. What happens next? The mortgage company comes to you and asks for you to either pay more per month, or, to pay a lump sum to "catch-up" and become current on the escrow account. If they miscalculate too high, then they do send you a refund check....but it's money you already paid in, so it's really not all that exciting!

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#mortgage #mortgageescrow #escrowexplained

Chapters of today's video on Mortgage Escrow Explained:
00:00 Introduction
01:03 Escrow Shortage Story
02:06 Escrow Account Explained - Pros
02:44 Escrow Account Explained - Cons
04:30 How to Get out of Mortgage Escrow

If you found today's video of Mortgage Escrow explained helpful, be sure to LIKE, SHARE, and Subscribe!

Yours in Financial Success,
Bob

*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

Music Credits:

End Screen: RetroFuture Clean by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4277-retrofuture-clean
License: http://creativecommons.org/licenses/by/4.0/

BG Music: www.bensound.com

Видео Why I Don’t Use Mortgage Escrow - My $300 Surprise. NEVER ESCROW! канала Bob Sharpe