Surprise Snowflake!

iVillage Member
Registered: 06-25-2006
Surprise Snowflake!
5
Mon, 07-13-2009 - 9:51am

I got home on Friday and opened my mail to find a $554.00 Escrow

iVillage Member
Registered: 10-01-2008
Mon, 07-13-2009 - 1:40pm

That's a great suprise.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 07-10-2003
Mon, 07-13-2009 - 7:52pm

I wonder if this means I will get one this next year...probably not.

iVillage Member
Registered: 06-25-2006
Mon, 07-13-2009 - 8:25pm

Oh I also forgot to mention that in order to prevent such a large overage (refund) next year my mortgage payment (the part that makes up the escrow) is lowered starting August payments. Instead of a payment of $2,680 my monthly payment will be $2,620.

My question is this - do I still make the same payment - putting the difference to the principal OR do I take the $60 and put it toward paying down my CC debt?

What would you do. I have 4 credit cards I am working on paying down. One will be paid off in November the other 3 have a total balance combined of $20,000. The credit card interest rates are about 10% the mortgage rate is at 5.6%

I can see the value in doing both.

iVillage Member
Registered: 02-01-2008
Mon, 07-13-2009 - 11:33pm

I'd put the extra $60 towards your lowest balance credit card. (Although I would have to pay just a little extra on the mortgage to "principal only" to round off the balance amount -- I'm a bit OCD and like my balances to end in 0.00 or 5.00. But that's just me!)

Mary Jo









iVillage Member
Registered: 07-10-2003
Tue, 07-14-2009 - 12:31am

My first knee jerk response would be to do what I am doing with the decreased escrow payment especially since I really doubt I will still be bopping around in the house at age 90 to make the last payment....BUT if you really know that you will really be able to literally snowflake those payments to the credit cards, I think that makes more sense.


I will admit though in my case, both when starting making the payments I had them round them up to the next $5 and with the lowered escrow amount I just said to do the same, once again the amount is less $5.