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This is entirely within the borrower’s discretion. I didn’t waive escrow on either of my mortgages because I like to keep my life as simple as possible, and adding a set amount to my mortgage payment every month to cover taxes and insurance was as simple as it got. The borrowers who waive escrow either are control freaks or fear that the lender will screw it up, which occasionally happens. When it does, it can be a nightmare for the borrower. I was not deterred by this risk, however, because I felt that the risk that I would screw it up was greater.

Jack Guttentag is professor emeritus of finance at the Wharton School of the University of Pennsylvania. Comments and questions can be left at http://www.mtgprofessor.com.

©2013 Jack Guttentag

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