Home Buying in 08755>Question Details

Donna, Both Buyer and Seller in Toms River, NJ

Does anyone know a bank // mortgage co.. that does not require escrow with a new mortgage loan..

Asked by Donna, Toms River, NJ Mon Mar 11, 2013

I have paid my own taxes for 13 years.. do not want to give my money to a banmk

Help the community by answering this question:



She is asking about the escrowed funds added to the mortgage to cover the taxes and insurance. This is the TI in the PITI amount.


I have asked several lenders if I can pay my own taxes and insurance each year when it is due since i have ample funds to do so. Every time I am told NO, the lender wants to collect those funds and pay the tax and insrance when it is due for two reasons. 1. It is SOP and what they are use to doing and changing is like rowing a boat up stream for them. 2. It protects the lender so they KNOW it has been paid should a fire break out and they find out you only told them you paid the fire insurance when you didn't. I have been told that sometimes when you initiate a new loan you can get it your way, but once set it is impossible to change it. I wish you good luck.
0 votes Thank Flag Link Mon Mar 11, 2013
FHA, USDA, VA loans require escrows - paying the taxes & insurance with the mortgage payment.
Conventional loans with 20% equity in the home allow for self paid taxes & insurance.
We're a local direct lender, and can answer any other questions you may need. (732) 938-2252 x 303
0 votes Thank Flag Link Sun Feb 16, 2014
there are a number of mortgage companies whowill not escrow for property taxes, permitting you to pay your own taxes quarterly. There are factors involved such as your down payment, , and credit scores. Are you looking in the occean or monmouth counties areas/
I would suggest calling both of these companies
residential home funding- tina or camille..732 814 8169 and call matt patterson at guaraneed mortgage co 732 604 7025
I offer my assistance in finding the right home
barry e nifoussi, gri,crs
century 21 nifoussi realty 732230601
0 votes Thank Flag Link Thu Apr 11, 2013
Hello Donna,

When applying for a new mortgage or a refinance, we offer our customers the choice of escrow or self pay, however if you go with an FHA Loan, escrow is mandatory by law, with all other types of loans you will have the option of escrow or self pay.

If I can be of any further assistance to you, please feel free to contact me at 848-480-2354

Now is a great time to refinance and/or purchase, interest rates are at an all time low .....

Have a nice day.

Best regards,

Margaret J. Paparesta
Mortgage Loan Originator
Residential Home Funding
Toms River, NJ 08753
0 votes Thank Flag Link Thu Mar 28, 2013
I will look into it for you. Please feel free to call or email me, I need your personal email to answer you.
LuAnn Novak
0 votes Thank Flag Link Mon Mar 11, 2013
I live in TR. i have a Home Equity Loan with a large bank. I pay my own taxes and insurance. It is a 20 year loan. Contact me if I can gelp with anything. Alan Krohn. Crossroads Realty cell: 732-245-1642.
0 votes Thank Flag Link Mon Mar 11, 2013
I don't think you know what you are asking:
The ESCROW company collects the funds from parties, and holds it as a third party, until the Escrow closes.
They also handle all the paperwork.
Probably, things are a little different for ya'll in N.J., with Attorneys.
The Escrow Company is usually also the TITLE company; which does the title search, looks for LIENS, and dispenses TITLE INSURACE to cover you.
In any case, the BANK is not the recipient.

Be sure to get your GFE from the Lender, and your HUD1 from the Title Company.
0 votes Thank Flag Link Mon Mar 11, 2013
ok what I mean is that the bank want to keep escrow to pay my taxes and in clude it with my monthly mortgage co.. and previously I did not have to do that..
Flag Mon Mar 11, 2013
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