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Can I get a loan without escrow?
I don't like that my loan automatically has this forced escrow account. Can't I just pay my property taxes myself? I'd rather I kept all that money myself so that I can get interest on it rather than just put it in the account that my mortgage company has and it sits there.
Asked By Peter | Peoria, IL | 714 views | Finance Legal Info | Created 10 months ago
Answer(3)
Julianne Clark | Your Lowcountry Compass
Charter One Realty
Depending on your financing type and the amount you put down toward the purchase of the home -- yes -- you can pay your own taxes and insurance. If you are using a government loan (USDA, VA, FHA) -- those costs (as well as other fees) are built into your monthly payment. Most times -- using conventional financing with 20% down and you can be in control of paying those associated costs yourself.
- 8 months ago
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Amanda Courtney
REP Realty Group
Yes, but it depends on your lender and loan type. Some conventional loans allow you to waive escrow if you have strong credit and enough equity. However, most lenders prefer escrow accounts because they ensure property taxes and insurance are paid on time. It’s convenience versus control.
- 3 months ago
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Alexandre Ferrari
Buy Direct Real Estate Inc
I work with a wholesale lender that allows escrow waivers on most conventional loans up to 97% LTV keep in mind that you have to meet the requirements.
- 6 months ago
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