Home Improvement Thread

[CBear3]

Buzzkill.
I assume that’s the original epoxyshield product? They have a RockSolid polycuramine product I was considering.

[NTP66]

Buzzkill.
I assume that’s the original epoxyshield product? They have a RockSolid polycuramine product I was considering.

That's correct, yes. Their newer stuff may be better, but I read a hell of a lot of reviews on it late last year when planning this out, and simply decided that it was worth spending the money on something that I would literally only have to do once. The company I will be using offers long-term or lifetime guarantees (I forget which).

[robbiestoupe]

Another house mortgage question:

How many homeowners here pay escrow into their mortgage to pay their taxes vs. paying the taxes on their own?

I got a letter near Christmas time stating my escrow payments are going up $420/month, while my total projected taxes in 2018 are only going up $128/mo compared to the 2017 projections. I get that their 2017 projections were off, mainly due to a reassessment on my home that raised my taxes. I can understand if they had to increase my escrow payments $256/month to make up for last year, and keep me in line in 2018 with the reassessed values (even though I had a positive balance at the end of 2017).

Due to the fact the escrow account can't go lower than 1/6 of my total tax bill for 2018, new math dictates they have to fluff up my bill even more. This seems like BS, even though they state it is a federal law.

I just can't afford the extra $420/month payments right now. It's a kick to my gonads. Are there any ways around this other than telling the mortgage company that I'll pay my own taxes now?

[dodint]

Great question. I'm got a letter in November saying they miscalculated my escrow and I need to start paying more as well, which though understandable is a bit messed up given that they only had one job.

In WI it happened the other way, I got a check for $1500 one day because I had been overpaying the whole first year.

I'd be interested to hear what you find out.

[mac5155]

Rust oleum makes a nice affordable kit. I'll probably go with it..

I have it in my garage.

I just want to do it for longevity more so than looks.

Define "longevity". Mine is less than 8 years old and is chipping badly, along with constant damage that salt does to it during the winter. I would not expect a day more than 5 years out of the kit before you need to re-do everything. This is why I'm going to have a company come in and actually install a true epoxy flooring in my garage next spring.

To protect the concrete really, from salt and stuff.
Maybe I just do a concrete sealer.

[robbiestoupe]

Yeah, considering I got my reassessment letter in October of 2016, they had plenty of time to recalculate for 2017.

I just calculated whether I can afford paying the taxes myself, and it definitely works out better for me that way. I may just go that route instead. The only thing the mortgage company is offering in this escrow program is to hold your money for you to ensure you aren't investing it, save you the cost of a stamp, and peace of mind that you won't forget to pay your own bills. Seems like a scam, especially this "your account can be less than 1/6 of the total tax burden for the year" shenanigans.

Next time (if there is a next time) I buy a house, I'm opting out of escrow. It's an extra burden at the time, since you have to fully fund the entire account for the remaining tax year at the time of signing. You live, you learn I guess.

[NTP66]

Another house mortgage question:

How many homeowners here pay escrow into their mortgage to pay their taxes vs. paying the taxes on their own?

I got a letter near Christmas time stating my escrow payments are going up $420/month, while my total projected taxes in 2018 are only going up $128/mo compared to the 2017 projections. I get that their 2017 projections were off, mainly due to a reassessment on my home that raised my taxes. I can understand if they had to increase my escrow payments $256/month to make up for last year, and keep me in line in 2018 with the reassessed values (even though I had a positive balance at the end of 2017).

Due to the fact the escrow account can't go lower than 1/6 of my total tax bill for 2018, new math dictates they have to fluff up my bill even more. This seems like BS, even though they state it is a federal law.

I just can't afford the extra $420/month payments right now. It's a kick to my gonads. Are there any ways around this other than telling the mortgage company that I'll pay my own taxes now?

My taxes are paid through escrow, for now. Like I said earlier, I am petitioning my lender to drop it and let me take care of it on my own. Twice in the last four years I've had to make catch up contributions to get to a certain level, which is required by law. I'd much rather let all of that money sit in a high interest savings account so that it at least earns some money.

[NTP66]

Rust oleum makes a nice affordable kit. I'll probably go with it..

I have it in my garage.

I just want to do it for longevity more so than looks.

Define "longevity". Mine is less than 8 years old and is chipping badly, along with constant damage that salt does to it during the winter. I would not expect a day more than 5 years out of the kit before you need to re-do everything. This is why I'm going to have a company come in and actually install a true epoxy flooring in my garage next spring.

To protect the concrete really, from salt and stuff.
Maybe I just do a concrete sealer.

A concrete sealer isn't going to protect it from salt very long, certainly not longer than one of the paint-on epoxy kits.

[mac5155]

Do nothing it is, then!

[robbiestoupe]

Another house mortgage question:

How many homeowners here pay escrow into their mortgage to pay their taxes vs. paying the taxes on their own?

I got a letter near Christmas time stating my escrow payments are going up $420/month, while my total projected taxes in 2018 are only going up $128/mo compared to the 2017 projections. I get that their 2017 projections were off, mainly due to a reassessment on my home that raised my taxes. I can understand if they had to increase my escrow payments $256/month to make up for last year, and keep me in line in 2018 with the reassessed values (even though I had a positive balance at the end of 2017).

Due to the fact the escrow account can't go lower than 1/6 of my total tax bill for 2018, new math dictates they have to fluff up my bill even more. This seems like BS, even though they state it is a federal law.

I just can't afford the extra $420/month payments right now. It's a kick to my gonads. Are there any ways around this other than telling the mortgage company that I'll pay my own taxes now?

My taxes are paid through escrow, for now. Like I said earlier, I am petitioning my lender to drop it and let me take care of it on my own. Twice in the last four years I've had to make catch up contributions to get to a certain level, which is required by law. I'd much rather let all of that money sit in a high interest savings account so that it at least earns some money.

I see. When you mentioned your petition earlier, wasn't sure you were talking about escrow. It all makes sense now. That being said, did they require an assessment on your house to drop escrow? If so, I can kill two birds with one stone.

[NTP66]

Another house mortgage question:

How many homeowners here pay escrow into their mortgage to pay their taxes vs. paying the taxes on their own?

I got a letter near Christmas time stating my escrow payments are going up $420/month, while my total projected taxes in 2018 are only going up $128/mo compared to the 2017 projections. I get that their 2017 projections were off, mainly due to a reassessment on my home that raised my taxes. I can understand if they had to increase my escrow payments $256/month to make up for last year, and keep me in line in 2018 with the reassessed values (even though I had a positive balance at the end of 2017).

Due to the fact the escrow account can't go lower than 1/6 of my total tax bill for 2018, new math dictates they have to fluff up my bill even more. This seems like BS, even though they state it is a federal law.

I just can't afford the extra $420/month payments right now. It's a kick to my gonads. Are there any ways around this other than telling the mortgage company that I'll pay my own taxes now?

My taxes are paid through escrow, for now. Like I said earlier, I am petitioning my lender to drop it and let me take care of it on my own. Twice in the last four years I've had to make catch up contributions to get to a certain level, which is required by law. I'd much rather let all of that money sit in a high interest savings account so that it at least earns some money.

I see. When you mentioned your petition earlier, wasn't sure you were talking about escrow. It all makes sense now. That being said, did they require an assessment on your house to drop escrow? If so, I can kill two birds with one stone.

I don’t know what they’ll require because I can’t even petition for it until June. I’ll definitely post back here in case it helps you out.

[robbiestoupe]

Another house mortgage question:

How many homeowners here pay escrow into their mortgage to pay their taxes vs. paying the taxes on their own?

I got a letter near Christmas time stating my escrow payments are going up $420/month, while my total projected taxes in 2018 are only going up $128/mo compared to the 2017 projections. I get that their 2017 projections were off, mainly due to a reassessment on my home that raised my taxes. I can understand if they had to increase my escrow payments $256/month to make up for last year, and keep me in line in 2018 with the reassessed values (even though I had a positive balance at the end of 2017).

Due to the fact the escrow account can't go lower than 1/6 of my total tax bill for 2018, new math dictates they have to fluff up my bill even more. This seems like BS, even though they state it is a federal law.

I just can't afford the extra $420/month payments right now. It's a kick to my gonads. Are there any ways around this other than telling the mortgage company that I'll pay my own taxes now?

My taxes are paid through escrow, for now. Like I said earlier, I am petitioning my lender to drop it and let me take care of it on my own. Twice in the last four years I've had to make catch up contributions to get to a certain level, which is required by law. I'd much rather let all of that money sit in a high interest savings account so that it at least earns some money.

I see. When you mentioned your petition earlier, wasn't sure you were talking about escrow. It all makes sense now. That being said, did they require an assessment on your house to drop escrow? If so, I can kill two birds with one stone.

I don’t know what they’ll require because I can’t even petition for it until June. I’ll definitely post back here in case it helps you out.

This is an excerpt from an email I just received from my mortgage:

"It looks like we can release your escrow once we know if we can release your PMI because you have to escrow if your loan to value ratio is over 80%. There is a fee of .125% of the principal balance to drop your escrow. I attached a document you signed at closing that indicates that fee."

So I am tied to escrow because I idiotically signed up for it in the beginning, and my loan to value ratio is still (supposedly) above 80%. I'm also obligated to pay a fee to get out of escrow, based on this tidbit from the document that was attached:

"In addition, I/we have acknowledged that I/we may have received a financial benefit (either in rate or fees) by allowing (bank) to collect and hold escrow funds on my/our behalf. If...I/we decide to terminate...I/we will be charged a fee of .125% of my/our outstanding principle..."

I doubt I received any financial benefit from this bank in either rates or fees. This loan was sold to them from the original mortgage lender, and they had to keep the initial contract conditions. Either way, I don't remember escrow being one of those things where they said if I opted out, I'd get a worse rate or more fees.

Such a racket.

[NTP66]

Another house mortgage question:

How many homeowners here pay escrow into their mortgage to pay their taxes vs. paying the taxes on their own?

I got a letter near Christmas time stating my escrow payments are going up $420/month, while my total projected taxes in 2018 are only going up $128/mo compared to the 2017 projections. I get that their 2017 projections were off, mainly due to a reassessment on my home that raised my taxes. I can understand if they had to increase my escrow payments $256/month to make up for last year, and keep me in line in 2018 with the reassessed values (even though I had a positive balance at the end of 2017).

Due to the fact the escrow account can't go lower than 1/6 of my total tax bill for 2018, new math dictates they have to fluff up my bill even more. This seems like BS, even though they state it is a federal law.

I just can't afford the extra $420/month payments right now. It's a kick to my gonads. Are there any ways around this other than telling the mortgage company that I'll pay my own taxes now?

My taxes are paid through escrow, for now. Like I said earlier, I am petitioning my lender to drop it and let me take care of it on my own. Twice in the last four years I've had to make catch up contributions to get to a certain level, which is required by law. I'd much rather let all of that money sit in a high interest savings account so that it at least earns some money.

I see. When you mentioned your petition earlier, wasn't sure you were talking about escrow. It all makes sense now. That being said, did they require an assessment on your house to drop escrow? If so, I can kill two birds with one stone.

I don’t know what they’ll require because I can’t even petition for it until June. I’ll definitely post back here in case it helps you out.

This is an excerpt from an email I just received from my mortgage:

"It looks like we can release your escrow once we know if we can release your PMI because you have to escrow if your loan to value ratio is over 80%. There is a fee of .125% of the principal balance to drop your escrow. I attached a document you signed at closing that indicates that fee."

So I am tied to escrow because I idiotically signed up for it in the beginning, and my loan to value ratio is still (supposedly) above 80%. I'm also obligated to pay a fee to get out of escrow, based on this tidbit from the document that was attached:

"In addition, I/we have acknowledged that I/we may have received a financial benefit (either in rate or fees) by allowing (bank) to collect and hold escrow funds on my/our behalf. If...I/we decide to terminate...I/we will be charged a fee of .125% of my/our outstanding principle..."

I doubt I received any financial benefit from this bank in either rates or fees. This loan was sold to them from the original mortgage lender, and they had to keep the initial contract conditions. Either way, I don't remember escrow being one of those things where they said if I opted out, I'd get a worse rate or more fees.

Such a racket.

Total racket. I’m going to look through my loan documents when I get home to see if I have something similar in mine. Still, it would only take a few years to make that money back in interest, so it’s still worth it to me.

[robbiestoupe]

Agree. It's worth it, but why put that "offer" in there in the first place? What do they gain by keeping my escrow, other than they are (illegally) reinvesting that money?

[NTP66]

It’s all about profits. I feel the same way about the 2% transfer tax when you sell a house in PA. Thousands of dollars for some shmuck to spend 5 minutes entering some data into a computer.

[AuthorTony]

I'm putting up tongue and groove pine ceilings in one of my spare bedrooms next week. I'm pretty sure I have everything I need. Hopefully as I'll be tearing out the old ceiling tomorrow...

[robbiestoupe]

It’s all about profits. I feel the same way about the 2% transfer tax when you sell a house in PA. Thousands of dollars for some shmuck to spend 5 minutes entering some data into a computer.

I think we hashed this out quite a bit in the home buying thread a year or two ago. Can't agree more.

[NTP66]

It’s all about profits. I feel the same way about the 2% transfer tax when you sell a house in PA. Thousands of dollars for some shmuck to spend 5 minutes entering some data into a computer.

I think we hashed this out quite a bit in the home buying thread a year or two ago. Can't agree more.

I think so, too. I just read my refinancing documentation, and there's no mention of any fee to remove my escrow account, so I'm very interested to see if I hear otherwise from the lender once I contact them.

[NTP66]

On a related note, I just got my propane bill, and the prices are starting to skyrocket again ($2.599/g, which is $0.60/g more than the same time last year). My bill averaged $152/mo last year, which was the highest since 2014.

[count2infinity]

It ain't perfect... but it'll do. All I have left is sanding and painting. Going to do everything except the drawer faces in white and the faces are going to be a lilac purple.

[AuthorTony]

Very impressive!

[mac5155]

Joo build Dat?

[count2infinity]

I did.

[Willie Kool]

Looks great, c2i. Very nice work! How many hours you have in it?

I want to do something similar in red cedar for some walk-in closet built-ins.

[Viva la Ben]

With those knots on the drawer facings, I’d recommend an oil based primer to block any potential yellowing.