Reply to How much has your mortgage payment increased due to escrow?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Virtually all lenders will waive the escrow requirement and you can pay directly. I would never allow my lender to escrow and keep my money for a year.[/quote]

They usually charge you a higher rate to do this since the loan just became riskier.[/quote]

They haven't yet.[/quote]

They did when you took the loan, dimwit. You paid an eighth to a quarter point over what you might have paid if you'd let them escrow. This is how it works.[/quote]

No, the isn't how this works. You fully negotiate the loan and at the last minute demand to remove the escrow, or simply don't sign those documents at closing. As long as you meet the lenders criteria for now escrow (can be a combination of credit and equity, although for conforming loans there are specific Fannie requirements) they will close the loan without escrows. You don't pay any more for the this. Or you shouldn't. If you did, your mortgage broker/lender pocketed that money, it didn't go into the pool when the loans were assembled for securitization.[/quote]

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