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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
? About Home insurance.
For some reason, I was under the impression that home insurance was somehow paid through your mortgage. I'm not sure why I thought this except maybe that te lenders require it so want to make sure you have it. (?) After reading a post on another board I think I'm wrong. Can someone tell me how this works? (I'm much more comfortable posting here than on the other boards.) thanks
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Re: ? About Home insurance.
We have a separate home insurance policy, which we have combined with our car insurance, etc.
Do you have an escrow account? You may be paying insurance premiums through an escrow, along with the mortgage and taxes. It would be line itemed on your statement it you were.
Yes, if you're using a mortgage broker, they should be able to help you out. I've even heard of some mortgage companies trying to charge you to NOT have an escrow account (so you're basically paying them to actually do nothing). Your property taxes will also be included in your escrow account. The mortgage broker can only estimate what your insurance will be, since you get to pick your own insurer, but they'll know your property taxes.
We do use our escrow account. If you're an accountant, you would probably not use one because you'd know that you'd gain more on your own interest and pay 2 checks out each year (prop taxes & insurance), rather than letting a bank get to keep your interest. These would be the same people that would also rather owe a bit to the government for income taxes because that means you got to keep the most money possible and earned interest on it before giving to the government. I'm an engineer and should sensibly do this, but for some reason I like getting the "extra" money in the spring and don't want to write a check for my $9K property taxes.
OR You're like me and horribly bad at budgeting for such things and would end up having to put it on a credit card anyway... I like to pay things monthly and have the money where I can't touch it. Besides I've never had enough money in a savings account to be like "Whoa, I'm so glad I keep money in there!" Even when rates were good and I had saved a couple thousand before leaving the workforce to go to school, the money I earned was barely enough to get an iced coffee at Starbucks. I know, I know, "money is money" but an extra $30 a year isn't worth the risk of NOT having 6-10k at the last minute.
I've had a "pay your own" and escrow. I highly recommend escrow if your mortgage broker will do it. Our 1st one didn't because it was an 80/20 loan so neither lender wanted the responsibility.
Sometimes I feel like I'm the only person who laughs at the "earned interest" arguement. Honestly, I think most people just can't hack saving all year. The money just disappears into other problems (or weaknesses).
I feel the same way about flexible spending accounts for health care and daycare. Unless its going to bump you down into the next tax bracket...I just think its a waste of time