Being a homeowner sucks sometimes

stacynikki

I was looking at our mortgage statement and noticed that they paid county tax already.  I looked at it online to see when they'd be paying the city/school tax and it had already been updated online as being paid.  I knew that we'd have to pay a little out of pocket because we moved in our house in November of last year so I had to calculate what our taxes would be so I could add more to our bill every month for escrow.  I was actually pretty accurate but apparently my mortgage company requires a balance of $600 at all times so I have to add an extra $600 to our escrow account on top of the $998 we were short (I didn't start adding extra to the escrow until April) or else our mortgage payment will go up another $100 every month.  So now we owe $1600 total.  Uhh!  Being a homeowner isn't always what it's cracked up to be.

elm1032004

You should get a pretty good write off when you file your taxes.  You get to write off all the interest for your mortgage, so the extra money in escrow comes out in the wash.  You will also get that back when you sell your house (or pay off the mortgage) down the road.  It hurts up front, but in the long run owning your own home is a wise investment.

stacynikki

Thanks elm...I guess in times like these I need to look at the big picture.  It's just depressing sometimes.

REOM

Agreed. This is one of the reasons we don't escrow. Ours required a 1300 in the account!

luckyangel

My escrow has been fine but I bought my house by myself prior to marriage & kids, and had to do an 80/20 loan to get it.  I just noticed a month ago that the smaller loan ($30,000 roughly) goes adjustable in July!  CRAP!  So we are working on getting DH's credit in line-it got trashed during his divorce from his x.  Hopefully I can add him onto the house and bring the % down and drop the adjustable since I am no longer employed full time!

JOEBunny

I know what you mean.  I just dropped $175 on a plumber, two weeks ago, it was $275 on an HVAC guy.  It just keeps coming....

Makinroom4baby

You are not alone. We have to pay $1100.