Comments on: The $800 Surprise http://www.cleverdude.com/content/the-800-surprise/ Family, Marriage, Finances & Life Sat, 11 Feb 2012 11:18:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Sue http://www.cleverdude.com/content/the-800-surprise/comment-page-1/#comment-31108 Sue Tue, 04 Nov 2008 23:54:03 +0000 http://www.cleverdude.com/?p=1542#comment-31108 Congratulations on your unexpected windfall - Merry Christmas! As I'm becoming more financially smart & savvy, which is due to my use of the Money Merge Account system (an online financial management program that's helping me leverage my money so I will pay off my mortgage and some other debts in less than 10 years, rather than the 25 years I had left to pay), I too wrote to my mortgage company and requested that they stop escrowing my property taxes and homeowners insurance. Because of my loan-to-value ratio and since I'd had my mortgage for more than 3 years, they agreed. Why should I send the lender/bank $300 extra per month which they can then invest and make money from, when I can put it to much better use either earning interest or canceling interest, which ultimately improves my financial situation? It's a similar concept to your income tax withholdings. Why let the US government use your money interest free for a year when you can increase your withholding allowances and, with just a little discipline, put that extra money in each paycheck to work for you - leveraging it to improve your own financial situation. Congratulations on your unexpected windfall – Merry Christmas!

As I’m becoming more financially smart & savvy, which is due to my use of the Money Merge Account system (an online financial management program that’s helping me leverage my money so I will pay off my mortgage and some other debts in less than 10 years, rather than the 25 years I had left to pay), I too wrote to my mortgage company and requested that they stop escrowing my property taxes and homeowners insurance. Because of my loan-to-value ratio and since I’d had my mortgage for more than 3 years, they agreed.

Why should I send the lender/bank $300 extra per month which they can then invest and make money from, when I can put it to much better use either earning interest or canceling interest, which ultimately improves my financial situation?

It’s a similar concept to your income tax withholdings. Why let the US government use your money interest free for a year when you can increase your withholding allowances and, with just a little discipline, put that extra money in each paycheck to work for you – leveraging it to improve your own financial situation.

]]> By: J. Money http://www.cleverdude.com/content/the-800-surprise/comment-page-1/#comment-31106 J. Money Tue, 04 Nov 2008 20:24:15 +0000 http://www.cleverdude.com/?p=1542#comment-31106 good work! you're like the 3rd person this week i've heard this happening too ;) send your good luck charm over here, okay? good work! you’re like the 3rd person this week i’ve heard this happening too ;) send your good luck charm over here, okay?

]]> By: Mortgage Company http://www.cleverdude.com/content/the-800-surprise/comment-page-1/#comment-31101 Mortgage Company Tue, 04 Nov 2008 17:52:19 +0000 http://www.cleverdude.com/?p=1542#comment-31101 Wow! That's a pleasant surprise! Wow! That’s a pleasant surprise!

]]> By: Dave C http://www.cleverdude.com/content/the-800-surprise/comment-page-1/#comment-31097 Dave C Tue, 04 Nov 2008 16:14:48 +0000 http://www.cleverdude.com/?p=1542#comment-31097 I have had Erie Insurance for a few years now and saves a TON of cash with them. The house I have now, I have a $2500 deductible so my yearly insurance is about $350! Can't beat that! I also have my cars with them as well. Dave I have had Erie Insurance for a few years now and saves a TON of cash with them. The house I have now, I have a $2500 deductible so my yearly insurance is about $350! Can’t beat that! I also have my cars with them as well.
Dave

]]> By: chris http://www.cleverdude.com/content/the-800-surprise/comment-page-1/#comment-31093 chris Tue, 04 Nov 2008 13:38:19 +0000 http://www.cleverdude.com/?p=1542#comment-31093 maybe i was lucky, or maybe my bank loves me, but they gave me the option to put money in an escrow account, and i just said "no thanks, think i will pass on that one". maybe i was lucky, or maybe my bank loves me, but they gave me the option to put money in an escrow account, and i just said “no thanks, think i will pass on that one”.

]]> By: That One Caveman http://www.cleverdude.com/content/the-800-surprise/comment-page-1/#comment-31091 That One Caveman Tue, 04 Nov 2008 12:17:37 +0000 http://www.cleverdude.com/?p=1542#comment-31091 I no longer pay escrow on my mortgage. Once I reached 80% loan-to-value, I requested that my credit union release my escrow and allow me to pay my own property tax and insurance. Now, I have a separate withdrawal from my paycheck into an ING Direct account that earns me much more than my credit union escrow account did. Now that I've released the escrow, my mortgage payments will never change and I never have to worry about catch-up payments again. I no longer pay escrow on my mortgage. Once I reached 80% loan-to-value, I requested that my credit union release my escrow and allow me to pay my own property tax and insurance. Now, I have a separate withdrawal from my paycheck into an ING Direct account that earns me much more than my credit union escrow account did. Now that I’ve released the escrow, my mortgage payments will never change and I never have to worry about catch-up payments again.

]]> By: Susy http://www.cleverdude.com/content/the-800-surprise/comment-page-1/#comment-31090 Susy Tue, 04 Nov 2008 12:09:47 +0000 http://www.cleverdude.com/?p=1542#comment-31090 I can't wait to be free of my mortgage so I don't have to pay escrow. I could be making money on it if I had it in my bank account. Not to mention 2 years ago they "forgot" to pay my property taxes and the county sent me a letter about it. Boy was I mad. I think in 2-3 more years if business continued to go well I'll be saying bye bye to them and hello to a new escrow bank account. I can’t wait to be free of my mortgage so I don’t have to pay escrow. I could be making money on it if I had it in my bank account. Not to mention 2 years ago they “forgot” to pay my property taxes and the county sent me a letter about it. Boy was I mad. I think in 2-3 more years if business continued to go well I’ll be saying bye bye to them and hello to a new escrow bank account.

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