Is it better to include property tax/insurance in your monthly mortgage payment or better to pay those separate? Looking to buy in NYC if that makes a difference. Thanks!!

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I prefer to do it myself so I can earn interest on the balance throughout the year and pay it with a credit card. There is a small fee to paying prop taxes in most counties but if you are working on a signup bonus it's easy spend and still profitable.

Not huge dollars but every little bit helps. If you struggle to budget then the large payments could sneak up on you and because of that escrow is probably best for the average American.

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Your lender might give you a better rate if you pay monthly with mortgage. Bedsides that it helps to keep a fixed amount separate each month.

Thank you, so no other benefits then. Folks were telling me to keep the taxes/insurance separate just trying to figure out why

I’ve done both at different times in my life. It’s a convenience to have them all together in one payment and then the mortgage company pays the property taxes and insurance for you. So that is a benefit - fewer things to keep track of. Down side is that the bank is holding onto your money and not compensating you for it so you are losing out on the earning power of your money. Also, the bank tried to jack up my escrow balance one year, saying I needed to stash even more away even though property taxes and insurance were basically flat. That’s when I pulled the money out of escrow and did it myself.

Yes, getting points on the cc is a benefit of doing it yourself too! We do that as well so we at least benefit from the un-fun big expenses like property taxes and insurance!

With old house, my lender charged an upfront closing fee when they were separate. I just include them in current mortgage now.

Your lender will withhold the maximum amount allowed by law, which is an additional 1/6 of the expected payments so you are forfeiting use of that money and letting your lender use it for free. Also, I have had at least one lender fail to remit the taxes owed timely which the government ultimately holds you responsible for. That was a pain in the butt to work through. If you are reliable, pay it yourself.

If you have the discipline, make monthly payments to yourself into a money market, let it build and earn some interest, then you'll have the bulk payment ready for your annual tax payment. Its nothing substantial, but I like to earn any extra cash I can.

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