Unexpected Money and Homeownership
Exactly this time last year, I received an escrow refund from my mortgage company. After estimating escrow payments (taxes and insurance) for the year, the balance reflected an “overage” so I was issued a refund check. It was approximately $500 in unexpected money, including a slight reduction in my mortgage payment. Nice!
To my delightful surprise, I received yet another refund like clockwork. This year, the check was only ~$300 but still unexpected and timely. I will use it to pay the bulk of my annual HOA dues. I forgot to consider this extra expense when establishing the rental rate for my tenants. *shrug*
I’m rounding the curb of year two and still learning the true responsibility of homeownership. Trust me people, it’s much more than just being able to afford the mortgage.
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i like getting money back! does this mean that after HOA dues, the student loans are finally no more?
Student loans? Uh, yea…soon. You’re the 87230473207842 person who has asked about the SL payoff. I think y’all are more excited than I am to become debt free!! LOL
Good for you. I am a big fan of your blog.Can you give an update on how the landlording is going. I am interested in doing this and am always interested in hearing other people’s experiences.
LOL.. WORK IT OUT!!! Well you are right its much more than paying a mortgage.. :) I think that’s why so many people are in trouble now..
perhaps we’re living vicariously through your accomplishments a little bit too much :-)
Single Ma!
I’ve been lurking and learning from your blog for about a year now. But I would love it if you can detail how much more than a mortgage homeownership is about.
I’m hoping to buy a home next year. Cross my fingers!
Lady V
@ tropicsaver and anonymous – You both just gave me something worth writing about. I’ve had writer’s block lately, so now you’ve given me a reason to post.
Ahh the escrow refund, it is a beautiful thing for sure. I received my first refund earlier this year when they had over estimated my taxes by $1300! Yeah!
Escrow accounts in my part of the world don’t pay interest (I have heard that in some states, if escrow accounts are required, they must pay interest, but sadly, my state is not one of them).
So, when I refinanced, I was able to skip the escrow account altogether. We pay just the mortage to the bank and send in the other bills ourselves, thereby collecting the interest on our money before the property tax, etc. bills are due. Like a big tax refund, a big escrow refund is not always a good thing…of course, it is better to get one than not, given the option.
I’m a new reader of a few weeks, LOVE your blog btw!, and was wondering if you could do a blog on what those “other” responsibilites of home-ownership are? I am considering buying, I’ve been renting for years, and I’d love to know just what, and how much, those others/extras are, outside of just paying your mortgage. Thanks!