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Escrow insurance and taxes, also specials
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dittfarms
Posted 7/19/2025 19:45 (#11303113)
Subject: Escrow insurance and taxes, also specials


ottertail co mn		Talking with a banker last week about what they are seeing in the industry.

One of the biggest issues is how fast taxes and insurance costs are rising.

3 years ago many people had house taxes of $2500 in the area. Now taxes are averaging $5500
Insurance premiums have also went up 2 fold. Was $1500 now $3000. Between the 2 it is approximately $4500 more a year. So approximately $400 more a month. Trouble is the escrow needs to catch up and get as close to zero at the end of the year. So the payment goes up $800 a month to catch up, problem is the taxes and insurance go up every year so the $800 isn’t enough so now it’s closer to $900 to $1000 a month in the mortgage payment increases. He said this is definitely having a negative effect on consumer confidence in the area.

He also brought up specials on the new developments in the area. Many of the specials are between $60-$100 k per lot. So these new neighborhood mortgages are pushing $4000k a month. Which imo is one heck of a monthly payment. My total payments on my land are substantially less than that…

Just some facts to chew on.

I am not saying this to say the world is ending, I just happen to think this is interesting.
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