Good points here—I just went through this myself. A couple things I learned:
- Definitely check the fine print; my lender tried sneaking in a small fee for waiving escrow.
- If you're organized (sounds like you are), managing taxes yourself isn't too bad. Just set calendar reminders and stash the money separately.
Nice to see others thinking this through carefully.
"Definitely check the fine print; my lender tried sneaking in a small fee for waiving escrow."
Ha, lenders and their sneaky fees...been there too. I thought about waiving escrow but decided against it. Knowing myself, I'd probably stress about missing deadlines—better safe than sorry, I guess.
Interesting points here—I'm curious though, did your lender mention if waiving escrow actually impacted your rate at all? I've had clients go both ways, and sometimes lenders will nudge you toward escrow by offering slightly better terms, since they see it as lower risk. On the flip side, some lenders tack on those sneaky little fees to discourage you from waiving escrow altogether.
Personally, I find escrow pretty convenient, but I know some folks who prefer having full control over their property taxes and insurance. Have you noticed any difference in how much lenders are willing to negotiate rates when you opt out of escrow? Just wondering if there's a general pattern or if it's more lender-specific.
From my experience, lenders rarely budge much on rates just because you waive escrow. They might toss in a small fee or two, sure, but significant rate differences? Haven't really seen it... seems more lender-specific than anything else.
Interesting point, but I've actually seen a couple instances where waiving escrow did make a noticeable difference. Maybe it's regional or tied to specific market conditions? It'd be worth digging into lender policies more closely...
