I totally get the escrow frustration. A couple years back, I refinanced and decided to waive escrow altogether, thinking it'd simplify things. It mostly did, but then tax season rolled around and I completely spaced on setting aside enough cash for property taxes. Had a mini panic moment scrambling to cover it last-minute... lesson learned. Now I'm back to escrow, even if it's occasionally annoying.
"Definitely made me rethink managing payments myself—still not sure what's best long-term though."
Honestly, there's no perfect solution... just gotta pick your poison, I guess.
I agree, escrow is kind of a necessary evil for most folks. Managing payments yourself sounds great on paper, but in reality, it takes discipline and constant awareness—something not everyone has time for. One missed tax deadline or insurance payment can quickly erase any convenience gained. Personally, I've seen clients who handle it fine, but they're usually meticulous planners. For most people, escrow is just simpler...even with its occasional headaches.
I've noticed the same thing with my clients. I had one borrower who insisted on handling everything himself—super organized guy, spreadsheets for days, the whole nine yards. Worked fine until he switched jobs and got busy. Missed a property tax payment by a month, and the late fee was no joke. After that, he switched back to escrow. It's not perfect, but for most people, it's just one less thing to worry about.
"Worked fine until he switched jobs and got busy. Missed a property tax payment by a month, and the late fee was no joke."
Had something similar happen with a client of mine—she was super meticulous, always on top of everything. She decided escrow wasn't worth the hassle because she liked having control over her money. Worked great for years...until she had twins. Suddenly, keeping track of due dates for property taxes and insurance premiums wasn't exactly top priority anymore (understandably!). She ended up missing an insurance payment by just a couple weeks, but that lapse triggered all kinds of headaches with her lender.
After sorting out the mess, she went back to escrow too. Honestly, I get why some people prefer handling it themselves—especially if they're financially savvy—but life has a funny way of throwing curveballs when you least expect it. Escrow might not be perfect, but sometimes convenience and peace of mind outweigh the small savings or sense of control you get from doing it yourself.
Yeah, totally get that. I used to think escrow was just banks holding onto my money unnecessarily, but after nearly missing a payment myself during a hectic move... convenience won out. Like you said:
"life has a funny way of throwing curveballs when you least expect it."
Couldn't agree more.
