How do YOU answer the credit card question?

Avatar for cmpat
iVillage Member
Registered: 02-21-2003
How do YOU answer the credit card question?
1432
Fri, 11-05-2010 - 3:30pm

Why can’t you just use your credit card?



Cash can be seen and touched and kids get that, usually at an early age,

Photobucket

Pages

iVillage Member
Registered: 10-22-2009
Wed, 11-10-2010 - 5:08pm
Plus i had no upfront closing fees b/c i choose not to write the check myself...
Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Wed, 11-10-2010 - 5:17pm
It's not so bad ... the low interest rate it helped us get was worth it. Our orig mortgage it wasn't escrowed, but when we refinanced, that was how we needed to work it. The refinance overall is saving us tens of thousands of dollars

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 6:34pm

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 6:38pm

Really? My interest rate is pretty low and I don't have my taxes and insurance escrowed. Never had PMI either.

How do you earn a small amount of interest on the escrow the bank holds?

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 6:39pm

What do you mean by no upfront closing fees?

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 6:39pm

Interesting. My interest rate is 4.25% and I still didn't have to do escrow.

iVillage Member
Registered: 02-04-2009
Wed, 11-10-2010 - 6:42pm

************

Kitty

"If you can't annoy somebody with what you write, I think there's little point in writing."-- Kingsley Amis, British novelist, 1971 t .

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 6:46pm

Well I have never gotten money back, they always needed more escrow every year. They were making money off of my money. I would rather do that :)

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Wed, 11-10-2010 - 6:57pm
So? You don't have the same mortgage company I do, most likely, nor the same situation, nor the same state laws, etc. We looked at quite a few differnt options when we refinanced - some required escrow, some didn't. This particular option was the best. It's worth having the escrow for the additional benefits this option afforded us. BTW, you're required to be paid interest - at the appropriate rate - earned on escrow accounts.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Wed, 11-10-2010 - 7:00pm
You don't get the interest paid back like cash ... it just gets "credited" to the escrow account. I can guarantee you they weren't making any profit off your escrow. It didn't increase because of that. It increased because 1) your taxes increased, 2) your insurance premiums increased or 3) they underestimated what either of those would be and therefore were "short" in teh account.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Pages