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Vernon Said:

I am looking for a website I lost that calculates your mortgage payment, taxes, and insurance all in one for?

We Answered:

www.restructureyourmortgage.com

Tanya Said:

Should land taxes and home insurance be combined in a mortgage payment? What is more economical?

We Answered:

this depends on the degree of security you have to have as well as your trust for yourself. if you really need to know that those taxes and home insurance premiums have been paid in fulll and on time, keep them with your mortgage.

on the other hand, i, for one, know i can trust myself to set aside a monthly escrow (reserve) that will pay my real estate taxes and property insurance.

some banks allow you to put up, into an interest-bearing account (which neither insurance or tax payments to your mortgage carrier earn, interest, that is) the amount that is equivalent to one and one half to two and one half times (the first being the most popular) the amount of your real estate taxes as well as annual homeowner's insurance. you leave the money in that bank as a "pledge." you gain interest, but you then pay your own taxes and homeowner insurance premiums yourself. your lender will accept this "pledge" as proof of your ability to pay these items and then will let you just pay your principal and interest to it.

if you choose a pledge, you HAVE TO make sure that you receive your tax bill on time, before it is due, as well as to KNOW how much is due and when to pay your homeowner's insurance. then be prepared to do it out of your own funds, since the pledge stays in the bank.

that is what your friend said was "more economical" about paying your taxes and insurance on your own: gaining interest on your pledge for same.

Naomi Said:

If my taxes and insurance decrease, will my mortgage payment as well?

We Answered:

It should, but lenders are usually slow to reflect any decrease in your impound account.

Call first, then write your loan servicer/lender and request them to readjust your payment to reflect the decreases.

Dwayne Said:

Does it make any difference if pay my real estate taxes and my home insurance with my mortgage payment?

We Answered:

The bank provides that service to you free, essentially.

The real question is--how good are you at saving a lot of money and then paying it out when taxes and insurance comes due?

Be honest with yourself. If you are even part spendthrift you will fail to save enough cash to pay your huge tax bill. Panic will ensue, you'll have late fees AND you might get liened if you don't make those payments.

I suggest you pay through your mortgage payment.

William Said:

Mortgage Payment?

We Answered:

I am a Senior Mortgage Officer who works with people who are often times behind on the their mortgages. The biggest mistake that people make is to ignore and avoid their mortgage company when they're having trouble. Foreclosure is expensive for banks and many will work with you to prevent it. If you are having trouble making the payment, there are often times "skip a payment" options available that you can exercise. Many people don't realize these exist. Talk to the collection rep who calls. If they don't seem sympathetic, demand a manager. Collection reps are paid to collect... not to negotiate. A manager will work with you. Most banks will not even begin the foreclosure process until you reach 90 - 120 days.... the big thing to keep in mind is that if you let your mortgage fall this far behind, it will pretty much eliminate your chance of qualifying for a new mortgage for at least the next year. Paying some is better than nothing. It reduces how much you'll have to pay to catch up the next month.