If I pay my own escrow, will my montly mortage be much lower to make it worthwhile?
Yeah you are probably right. It will be lower but you pay it either way. So instead of 200 a month its 2500 once a year. Its the same either way. Now I dont have my mortgage company pay my escrows because I dont like to lend money to the bank for free. Technically you will pay it either way. It wont change your ratios if you pay it through the bank or not. Now depending on your loan type you will need 20% down to even have the option of paying your escrow. If you dont have 20% down then dont worry about it because it will be required. Or lets say you get a FHA or VA loan, you can have 50% down (it doesnt matter) you still have to have the bank pay your escrows or you wont get the loan.
