Why You Should NEVER Use a Mortgage Escrow Account

Mortgage Escrow Accounts: The Pros, Cons, and How to Escape Them! Are you feeling confused or overwhelmed by your mortgage escrow account? In this eye-opening 8-minute video, I break down everything you need to know about mortgage escrow, including the pros and cons, so you can make an informed decision for your financial future.

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We'll delve deep into the world of mortgage escrow accounts, exploring how they work and what it means for your monthly payments. Whether you're a first-time homeowner or a seasoned property investor, understanding the ins and outs of mortgage escrow is essential for managing your finances effectively.

Key topics covered in this video include:

Mortgage escrow account explained: What is it and how does it work?

The benefits of having a mortgage escrow account

The downsides of mortgage escrow and how they might impact you

My personal experience with mortgage escrow and why I decided to opt-out

Step-by-step guide on how to get out of mortgage escrow for a stress-free financial future

Don't miss this opportunity to become an expert on mortgage escrow accounts. Hit the "subscribe" button and give this video a thumbs up if you found it helpful. Feel free to share your thoughts, questions, or experiences in the comment section below. Let's start a conversation and help each other navigate the complexities of mortgage escrow!

#MortgageEscrow #MortgageEscrowAccount #MortgageEscrowAccountExplained

Chapters of today's video on Mortgage Escrow Explained:
00:00 Introduction
01:03 Escrow Shortage Story
02:06 Escrow Account Explained - Pros
02:44 Escrow Account Explained - Cons
04:30 How to Get out of Mortgage Escrow

Bob recounts a shocking incident that happened about a decade ago, when his mortgage company sent him a notice, out of the blue, demanding an extra $300 per month due to a miscalculation of property tax. This unexpected increase in monthly payments led him on a journey to explore how mortgage escrow works and why he believes it's more beneficial to bypass it.

The video does not only focus on the cons of escrowing but also presents some pros. For instance, Bob explains how escrowing can help new homeowners, especially those new to budgeting. With escrow, property taxes and insurance are mixed into the mortgage payment, eliminating the worry of making separate payments.

However, the bulk of the video dives into the drawbacks of an escrow account, based on Bob's personal experience and financial expertise. He passionately discusses his stance against escrowing, emphasizing that it deprives homeowners of the ability to control their own money. By opting out of escrow and managing your own savings for property tax and insurance, you may potentially earn some interest on your money, and avoid unpleasant surprises from miscalculations.

Bob also shares his insights on how eschewing escrow helps simplify mortgage calculations, making it easier to plan and track mortgage payoff progress. This advice is particularly helpful for homeowners on a path to pay off their mortgage early, as Bob himself aims to pay off a 30-year mortgage in only five years.

Whether you're a new homeowner or have been making mortgage payments for years, this video is a must-watch. Learn from Bob's personal experiences, and equip yourself with the knowledge to make informed decisions about your mortgage escrow. It's all about taking control of your finances and becoming the master of your own life. Don't forget to subscribe to Bob's channel for more valuable insights on mastering your mortgage and financial journey.

If you found today's video of Mortgage Escrow explained helpful, be sure to LIKE, SHARE, and Subscribe!

*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.