#mortgage #housing Hi folks, Loan is approved and about to close on the house. But LoanDepot is asking to pay monthly property tax into escrow account. I would rather invest that money and pay property tax directly to the county twice a year. Is there a way this can be changed so that I pay directly to the county? TC 340 K Location : Bay Area
Just escrow Not worth the hassle
After 1 year, you may request that you won't escrow property taxes anymore.
Thanks. So just ask this in writing?
Yeah, talk to your loan officer about the earliest that you could opt out of it. Not sure if they have it written anywhere else but it should be in your loan disclosures.
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They may raise your interest rate by .125 or something if you don't do their escrow. You don't have to do it if you don't want to though. Just point that out and they should rerun a loan estimate.
Thanks for the info. Is this for the first two years or do we need to pay property tax into escrow account for 30 years?