LogFAQs > #928884841

Solid Snake07 posted...

You don't have to do escrow, you do have to pay peoperty taxes and insure your house as long as you're making payments on it.

But yes, there are other costs to owning a home rather than renting

Have you done so without paying a fee?

https://www.washingtonpost.com/realestate/major-lender-allows-borrowers-to-go-without-escrow- accounts/2018/07/31/52cc9c58-9413-11e8-a679-b09212fb69c2_story.html

Traditionally, borrowers granted waivers from mandatory escrow accounts have had good to excellent credit scores and substantial down payments often 20 percent or more. Opening the door to escrow-free status for borrowers who dont fit this profile is raising eyebrows in the mortgage field. Michael Fratantoni, chief economist for the Mortgage Bankers Association, told me it would be a troubling development if large numbers of new buyers with subpar credit opted out of escrow accounts.

Waivers of escrow requirements are possible for borrowers who meet lenders criteria on financial capacity and credit, subject to a fee often one-quarter of a percent of the loan amount.