Managing Your Mortgage

Want to increase the size of your 2010 tax deductions? Consider making your upcoming January 2011 mortgage payment while the calendar still reads 2010.

When you own a home, your fiscal responsibility to the lender goes deeper than just your monthly principal + interest payments. You've got taxes and insurance to manage, too. And, homeowners that let lenders collect and pay their taxes and insurance bills tend to get lower rates and/or lower fees.

When you own a home, your fiscal responsibility to the lender goes deeper than just your monthly principal + interest payments. You've got taxes and insurance to manage, too. And, homeowners that let lenders collect and pay their taxes and insurance bills tend to get lower rates and/or lower fees.

Most lenders prefer homeowners to escrow and, as such, they penalize those that choose not to. The fee to "waive escrows" -- to pay your own taxes -- can be as high as 0.25 percent of the amount you're borrowing. On a $400,000 mortgage, that amounts to a $1,000 fee and it's one reason why homeowners often choose to escrow. Unfortunately, seeding an escrow account can be expensive, depending on the time of year.

Most lenders prefer homeowners to escrow and, as such, they penalize those that choose not to. The fee to "waive escrows" -- to pay your own taxes -- can be as high as 0.25 percent of the amount you're borrowing. On a $400,000 mortgage, that amounts to a $1,000 fee and it's one reason why homeowners often choose to escrow. Unfortunately, seeding an escrow account can be expensive, depending on the time of year.

ARM-holding homeowners often assume that when their mortgage is about to adjust, it's time to refinance it -- no matter what. The math, however, says otherwise. If your adjustable rate mortgage is due to reset in 2009 and 2010, the smart play may be to let it change

Signing mortgage paperwork can be unsettling for people. I know this first-hand. I've been to enough closings in my life to know that no matter how many HUD-1 Settlement Statements a person has seen in their lifetime, there is always some confusion about "the closing costs". Settlement statement...

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