DavisStraight Posted March 20, 2021 Share Posted March 20, 2021 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. Link to comment Share on other sites More sharing options...
Lava Rock Posted March 20, 2021 Share Posted March 20, 2021 DisneyLand California is a jokeBring your duct tapeSent from my Pixel 4a using Tapatalk Link to comment Share on other sites More sharing options...
TauntonBlizzard2013 Posted March 20, 2021 Share Posted March 20, 2021 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. Link to comment Share on other sites More sharing options...
TauntonBlizzard2013 Posted March 20, 2021 Share Posted March 20, 2021 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 1 Link to comment Share on other sites More sharing options...
BrianW Posted March 20, 2021 Share Posted March 20, 2021 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. 1 Link to comment Share on other sites More sharing options...
CoastalWx Posted March 20, 2021 Share Posted March 20, 2021 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. 2 Link to comment Share on other sites More sharing options...
HIPPYVALLEY Posted March 20, 2021 Share Posted March 20, 2021 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. Link to comment Share on other sites More sharing options...
HoarfrostHubb Posted March 20, 2021 Share Posted March 20, 2021 2 hours ago, Lava Rock said: Meanwhile Disneyworld opens but apparently says no open mouth screaming on rides Sent from my Pixel 4a using Tapatalk 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. 1 1 Link to comment Share on other sites More sharing options...
monadnocks Posted March 20, 2021 Share Posted March 20, 2021 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. Link to comment Share on other sites More sharing options...
mreaves Posted March 20, 2021 Share Posted March 20, 2021 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. 3 Link to comment Share on other sites More sharing options...
backedgeapproaching Posted March 20, 2021 Share Posted March 20, 2021 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. Link to comment Share on other sites More sharing options...
South Shore Slop Posted March 20, 2021 Share Posted March 20, 2021 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. 2 Link to comment Share on other sites More sharing options...
STILL N OF PIKE Posted March 20, 2021 Share Posted March 20, 2021 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 2 Link to comment Share on other sites More sharing options...
butterfish55 Posted March 20, 2021 Share Posted March 20, 2021 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 Link to comment Share on other sites More sharing options...
ORH_wxman Posted March 20, 2021 Share Posted March 20, 2021 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. 1 Link to comment Share on other sites More sharing options...
TauntonBlizzard2013 Posted March 20, 2021 Share Posted March 20, 2021 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. Link to comment Share on other sites More sharing options...
HIPPYVALLEY Posted March 20, 2021 Share Posted March 20, 2021 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. 1 Link to comment Share on other sites More sharing options...
TugHillMatt Posted March 20, 2021 Share Posted March 20, 2021 4 hours ago, Lava Rock said: Meanwhile Disneyworld opens but apparently says no open mouth screaming on rides Sent from my Pixel 4a using Tapatalk So will they be watching for every single person to do this (zip the lip) before a natural scream-provoking ride? 1 Link to comment Share on other sites More sharing options...
HoarfrostHubb Posted March 20, 2021 Share Posted March 20, 2021 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 Link to comment Share on other sites More sharing options...
TugHillMatt Posted March 20, 2021 Share Posted March 20, 2021 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. 1 1 Link to comment Share on other sites More sharing options...
christopher58 Posted March 20, 2021 Share Posted March 20, 2021 Come on down Ocean Drive in Miami Beach. Its ripping every night there the spring breakers. This will continue until mid April..... 1 Link to comment Share on other sites More sharing options...
weathafella Posted March 20, 2021 Share Posted March 20, 2021 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. Link to comment Share on other sites More sharing options...
mreaves Posted March 20, 2021 Share Posted March 20, 2021 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. Link to comment Share on other sites More sharing options...
Ginx snewx Posted March 20, 2021 Share Posted March 20, 2021 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 3 Link to comment Share on other sites More sharing options...
DavisStraight Posted March 20, 2021 Share Posted March 20, 2021 We refinanced and lopped a couple years off and lowered the payment and got enough cash for a new roof on plus extra. 1 Link to comment Share on other sites More sharing options...
butterfish55 Posted March 20, 2021 Share Posted March 20, 2021 It took a year but gas prices, food prices, lumber prices, taxes etc etc . Time to pay the piper. Not great for anyoneTry to find circuit breakers (square d) or plastic electrical boxes. Nope 1 Link to comment Share on other sites More sharing options...
Ginx snewx Posted March 20, 2021 Share Posted March 20, 2021 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 Link to comment Share on other sites More sharing options...
powderfreak Posted March 20, 2021 Share Posted March 20, 2021 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? Link to comment Share on other sites More sharing options...
Ginx snewx Posted March 21, 2021 Share Posted March 21, 2021 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. 1 Link to comment Share on other sites More sharing options...
powderfreak Posted March 21, 2021 Share Posted March 21, 2021 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. Link to comment Share on other sites More sharing options...
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