Tech Dude_IHB
New member
The good faith estimate on my loan included an impound account. I have not had one in ten years and am quite able to put money aside and mailing it to the OC Accessor twice a year.
To me, all an impount account does is require me to bring more to the table at closing, THEN paying the extra amount each month with my loan. Seems to me I am tying up indefinitely thousands of dollars with the loan servicer when I can have those funds - still reserved - sitting in my own account to pay taxes. Then they have some hourly worker key punch and handle my taxes instead of me.
Other than those who cannot put money aside, can't keep track of bills, or have a very low equity to value loan, is there ANY reason to have an impound account?
To me, all an impount account does is require me to bring more to the table at closing, THEN paying the extra amount each month with my loan. Seems to me I am tying up indefinitely thousands of dollars with the loan servicer when I can have those funds - still reserved - sitting in my own account to pay taxes. Then they have some hourly worker key punch and handle my taxes instead of me.
Other than those who cannot put money aside, can't keep track of bills, or have a very low equity to value loan, is there ANY reason to have an impound account?