Spring Banter

[DavisStraight]

1 hour ago, S&P said:

This , given the nature of the beast, escrow withholding  will always lag tax changes.

My wife takes care of our mortgage but I remember her complaining now and then about that.

[Lava Rock]

DisneyLand
California is a joke

Bring your duct tape

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[TauntonBlizzard2013]

8 hours ago, weathafella said:

Escrow shortages happen all the time.  It may be their mistake but when the payment lowered you gained by pocketing the difference when they lowered your payment.   Now it’s time to pay.   It sounds harsh but it’s not like the total outlay would be any different.   Pay attention to taxes and if you notice the bank forgets, pay the town yourself.   And refinance but only if you can get a rate 0.5 lower than your current one.  The mortgage companies are all the same.   I must have had 15-20 mortgages over the years.   Current rate is 2.8% which I’m pretty sure will never be lower.  

Yeah.... in the back of my head, I figured something like this could happen. I was a little irritated when they basically said there was nothing they could do at the time. and now here we are. I’ll see what they say about options for repayment.

Im starting to wonder if I should lose the escrow and pay the taxes and insurance myself.

[TauntonBlizzard2013]

2 hours ago, HoarfrostHubb said:

This has happened to us a few times.   Usually not to the extent of Tauntonnosnow

Yeah.... our taxes have largely been unchanged since we moved in. Maybe 100-200 increase total over the 2 years?

The issue was, they straight up did not include a $1500 tax payment into their analysis. Which obviously throws it off big time.

Im going to be surveying my options. The fact that they want nearly a 2k minimum in the escrow account as well is silly. My taxes won’t be going up 2k in any given year. Well see

[BrianW]

Lumber prices are through the roof again. They are even higher than last years peak. Just saw a single non PT 2 x 4 going for almost $8. 

[CoastalWx]

12 minutes ago, BrianW said:

Lumber prices are through the roof again. They are even higher than last years peak. Just saw a single non PT 2 x 4 going for almost $8. 

May as well cut down the oaks and make the lumber ourselves.

[HIPPYVALLEY]

47 minutes ago, BrianW said:

Lumber prices are through the roof again. They are even higher than last years peak. Just saw a single non PT 2 x 4 going for almost $8. 

Uhg, I know, lots of projects I want to do this summer too. 

[HoarfrostHubb]

2 hours ago, Lava Rock said:

Meanwhile Disneyworld opens but apparently says no open mouth screaming on rides

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Not exactly.  The state agency that is overseeing theme park openings recommends that parks enforce mask usage and space riders apart on rides like coasters in order to help mitigate spread.

 ‘Face covering usage and/or modifications to seat loading patterns will be required on amusement park rides to mitigate the effects of shouting. Additionally, on rides, guests generally face in one direction.'

“CAPA has never suggested or recommended limiting shouting, yelling, or screaming on an amusement park ride,"

Disneyland should be opening towards the end of April... WDW in FL has been open since last July.

[monadnocks]

As far as mortgage escrows go, take a look at the T&C you have for getting out of it. In general, even though savings accounts are paying next to nothing, the escrows are paying substantially less. If you can, just get out of it, just make an automatic deposit to a designated savings account so you'll have the money come tax time. And set up auto pay for the insurance and you're good to go. At least Ally and Marcus are paying 0.5% on savings accounts.

[mreaves]

16 hours ago, mreaves said:

Second shot 4 hours ago. No effects yet. 

 

16 hours ago, DavisStraight said:

Update us tomorrow

Still just feels like someone punched me in the arm. No other effects. 

[backedgeapproaching]

1 hour ago, BrianW said:

Lumber prices are through the roof again. They are even higher than last years peak. Just saw a single non PT 2 x 4 going for almost $8. 

I was down at HD this week to pick up some 1 x 6 x 6 non PT pine and almost passed out from price shock...like $16 or $17 -for a damn 6ft pine board.

[South Shore Slop]

16 minutes ago, HIPPYVALLEY said:

Uhg, I know, lots of projects I want to do this summer too. 

If you can use rough sawn the local mills haven't raised their prices. I just paid $.60/bf for pine to be used for some raised beds. That equals about $3.00 for an 8' 2x4.

[STILL N OF PIKE]

1 hour ago, BrianW said:

Lumber prices are through the roof again. They are even higher than last years peak. Just saw a single non PT 2 x 4 going for almost $8. 

Lumber price increases added 25K to new construction prices

So some of those agreements are being cancelled

Mortgage rates are loosely tied to the 10 year bond yield and ya they are heading up . Without fed intervention the massive short position in treasuries has been growing in lockstep with yield rises. When March YOY inflation data comes out (market already preparing for it ) you will see the big spike and more fuel for rises . So total monthly costs for new home buyers are on the rise in near term .

If fed steps in later (they said if markets “crash” ) or ( if rates spike and stay over 2.5 or so into fall ) and prove not “transitory”  a massive unwinding of yield rises could occur  

[butterfish55]

Im a electrical contractor and Romex wire has skyrocketed the past 2 weeks . It had been stable all last year and actually started to drop early this year .

Same here. The price of Romex is out of control. I just bought 125 ft roll of 6/3 for $350. A roll of 12/2 is now $100. It's unreal

[ORH_wxman]

When we refinanced, we had home insurance left out of the mortgage payment. We just pay it as a lump sum once per year now. 

I don’t think we could get the tax escrow removed though because that’s the bank’s insurance against you not paying. Most mortgaged homes don’t go to tax sale anyway and the bank will advance money to prevent a sale, but many don’t want to even bother with the possibility so they require the tax escrow. 

[TauntonBlizzard2013]

7 minutes ago, ORH_wxman said:

When we refinanced, we had home insurance left out of the mortgage payment. We just pay it as a lump sum once per year now. 

I don’t think we could get the tax escrow removed though because that’s the bank’s insurance against you not paying. Most mortgaged homes don’t go to tax sale anyway and the bank will advance money to prevent a sale, but many don’t want to even bother with the possibility so they require the tax escrow. 

When we got our mortgage it was required that we escrow property insurance and taxes, as a condition of receiving the loan.

It was also sold to us as a good idea because a lot of people need the structure of having the payments built in as opposed to cutting the city or town a check 4 times a year.

[HIPPYVALLEY]

17 minutes ago, TauntonBlizzard2013 said:

When we got our mortgage it was required that we escrow property insurance and taxes, as a condition of receiving the loan.

It was also sold to us as a good idea because a lot of people need the structure of having the payments built in as opposed to cutting the city or town a check 4 times a year.

Yes, I like having the escrow because it’s one less thing to think about.

[TugHillMatt]

4 hours ago, Lava Rock said:

Meanwhile Disneyworld opens but apparently says no open mouth screaming on rides

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So will they be watching for every single person to do this (zip the lip) before a natural scream-provoking ride?

 

[HoarfrostHubb]

19 minutes ago, TugHillMatt said:

So will they be watching for every single person to do this (zip the lip) before a natural scream-provoking ride?

 

No.  Read my post

[TugHillMatt]

13 minutes ago, HoarfrostHubb said:

No.  Read my post

I was joking. Sorry it didn't come across that way.

Thanks for the info. though.

[christopher58]

Come on down Ocean Drive in Miami Beach. Its ripping every night there the spring breakers. This will continue until mid April.....

[weathafella]

We have escrows in our mortgage and it’s annoying but worth the $600/month we saved on our refinance a few months after I retired.

[mreaves]

The credit union we used for our first mortgage didn’t do escrow. I hated it. When we refinanced the first time we went to a bank that has escrow. We are now back with our credit union and now they escrow. I’m glad that I have one payment a month and don’t have to worry about late taxes or insurance payments. Of course using my local credit union means I have a little more trust than with some big lender. 

[Ginx snewx]

4 hours ago, butterfish55 said:

6 hours ago, losetoa6 said:

Im a electrical contractor and Romex wire has skyrocketed the past 2 weeks . It had been stable all last year and actually started to drop early this year .

Same here. The price of Romex is out of control. I just bought 125 ft roll of 6/3 for $350. A roll of 12/2 is now $100. It's unreal

It took a year but gas prices, food prices, lumber prices, taxes etc etc . Time to pay the piper. Not great for anyone

[DavisStraight]

We refinanced and lopped a couple years off and lowered the payment and got enough cash for a new roof on plus extra.

[butterfish55]

It took a year but gas prices, food prices, lumber prices, taxes etc etc . Time to pay the piper. Not great for anyone

Try to find circuit breakers (square d) or plastic electrical boxes. Nope

[Ginx snewx]

3 minutes ago, losetoa6 said:

Lumber has been extremely high since Like last April/ May . Wire prices and gas have only recently jumped . Wire prices only in the last 2 weeks . 

Electrical supplies have had alot of shortages since last March including breakers, specific box types . ..but prices virtually unchanged until now fwiw

Lumber doubled in the last 3 months though. Food is skyrocketing as well. Not optimal

[powderfreak]

It’s crazy, it sounds like the lumber supply is really struggling.  Tons of DIY projects all last summer (Lowe’s and HD had extremely strong summers as they were lucky to be deemed essential) and a boom in housing construction and upgrades/additions to existing housing over the last 6 months.  Lumber mills shut down for COVID cases and drastically reduced supply... it also sounds like not a ton could get through from Canada for a time.

Seems like lumber will be expensive until the supply and demand can find an equilibrium?

[Ginx snewx]

1 hour ago, powderfreak said:

It’s crazy, it sounds like the lumber supply is really struggling.  Tons of DIY projects all last summer (Lowe’s and HD had extremely strong summers as they were lucky to be deemed essential) and a boom in housing construction and upgrades/additions to existing housing over the last 6 months.  Lumber mills shut down for COVID cases and drastically reduced supply... it also sounds like not a ton could get through from Canada for a time.

Seems like lumber will be expensive until the supply and demand can find an equilibrium?

What goes up rarely comes down. At least all the way. 

[powderfreak]

1 hour ago, Ginx snewx said:

What goes up rarely comes down. At least all the way. 

Wood/lumber seemed like a commodity that would always be cheap.  Trees are everywhere and you can grow more of them. Insert a health crisis and here we are, ha.  Agree with you, it won’t hit the previous low price point.