Possible to have a mortgage loan where homeowners ins. is not escrowed ?

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Posted on Oct 14, 2011 | 9 comments

My sister has her mortgage with Bank of America. She swears she pays $ 40 a month for homeowners insurance – seperate from the mortgage check. I guess she sends State Farm a payment every month.
Have you ever heard of a mortgage where your payment is NOT included and escrowed?
Edit : Mikey loves to learn things………Thanks.
Edit : Mikey loves to learn things………Thanks.

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Community Answers

1-3-11

Spanki says:

Yes they do exit …. Its common with subprime loans..


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1-3-11

golferwhoworks says:

sure but in this day and age a little rare. In the sub-prime days that was common.
I am a mortgage banker in TN & KY


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1-3-11

btowntv007 says:

Yes. This is common. You can also pay your property taxes by yourself too.

A lot of people find it easier to put it in an escrow account, but some don’t.


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1-3-11

Gem says:

Absolutely.

I have owned 3 homes and only on this one have I escrowed both the payment and homeowner’s insurance.

Can be done.


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1-3-11

Donny says:

Yes, but you generally will need a larger equity in the property (+20%). Then most lenders (who are still in business ) will just loan money to you. Your best bet is to refinance IF you get a better rate of interest than you are currently paying and IF the value of the property you own has the required equity. One added benefit I’ve found is that you can again easily shop for a better rate on home owners insurance. The big factor of course is mortgage insurance – that nasty high cost life insurance policy most lenders require from their own bank. You can almost always beat that rate with a private insurance company.

Good luck in your quest.


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1-3-11

poobah says:

It is very common. I pay my insurance and property taxes separately.


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1-3-11

curtisports2 says:

I haven’t had my insurance escrowed for years. I haven’t had the property taxes escrowed since I re-fied six years ago. Banks will agree to this when loan to equity is below 80% – or they did, before the recent mess. Now they’re likely to be more cautious.


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1-3-11

La Vie Boheme says:

I’ve always paid my insurance directly to my insurance company (Allstate)..I didn’t even know it could be escrowed. Are you sure you are not thinking about property taxes?


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1-3-11

Slassy Girl says:

Yes, if you are putting at least 20% down you are not required to have an escrow account.


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