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Two questions regarding mortgage payment and taxes
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jessbaby
My boys!
Member since 1/06 5292 total posts
Name:
Jessica
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Two questions regarding mortgage payment and taxes
Our first mortgage payment is due October 1st. The breakdown is showing that we will owe a payment for our Homeowners. We already paid this is full for the year. Do they make you pay upfront for a year or is this an error?
Also Our current taxes are $1000 more than was listed on the listing. The real estate agent said the taxes should be what was on the listing and maybe the bank is holding money In escrow. Has this happened to anyone else?
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Posted 9/12/08 10:27 AM  |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Two questions regarding mortgage payment and taxes
Posted by jessbaby
Our first mortgage payment is due October 1st. The breakdown is showing that we will owe a payment for our Homeowners. We already paid this is full for the year. Do they make you pay upfront for a year or is this an error?
Also Our current taxes are $1000 more than was listed on the listing. The real estate agent said the taxes should be what was on the listing and maybe the bank is holding money In escrow. Has this happened to anyone else?
You have to check with your mortgage company but usually they make you pay your homeowners and 1/2 year (or some full year) taxes upfront at closing but continue to collect starting in your first payment.
As far as taxes, you can never be definite when buying a house. The taxes on thel isting are almost always changed when you buy a house. The taxes could have gone up in your area or the previous owners could have had STAR which you have to apply for and will not receive until the 2nd year or the previous owners could have gotten additional tax rebates.
Message edited 9/12/2008 10:41:55 AM.
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| Posted 9/12/08 10:41 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Two questions regarding mortgage payment and taxes
There are way too many variables here to take advice from people on a message board.
I would call your lender to make sure you get accurate answers because if you miss a payment that could be very bad.
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| Posted 9/12/08 11:29 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Two questions regarding mortgage payment and taxes
i had to pay a year upfront for homeowners and then continue to pay each month. so it should be included in your monthly payment.
as far as taxes, i would call the town to confirm. they can give you true taxes and what was paid previously if the sellers had STAR. i did this for each house i looked at and they were always different than the listing.
ETA: this payment amount should not be a surprise to you. they informed me of the total payment amount at closing.
Message edited 9/12/2008 11:47:01 AM.
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| Posted 9/12/08 11:45 AM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Two questions regarding mortgage payment and taxes
yes sometimes they make you pay homeowners up front.
as far as your taxes i agree check with your town to verify. you dont know if the previous owners were getting a star discount and if you need to reapply or a senior discount etc. best bet is to call your mortgage co and town tax office.
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| Posted 9/12/08 5:24 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Two questions regarding mortgage payment and taxes
Even though you paid a full years of homeowner's insurance up front, they are already collecting for next year, and you are paying 1/12 of the total cost for next year's premium, so that this time next year - you will have the entire payment made.
Let's say you closed on August 1. You paid upfront your homeowner's from August 1 through July 31, 2009. On August 1, 2009 - you are going to owe another year's of homeowners - that the bank is now collecting 1/12 at a time with your mortgage payment.
Hope that made sense - I had the same question at closing!
As for the taxes - the bank may have assumed a certain level of increase for the new tax year, but definitely call and check!
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| Posted 9/12/08 7:28 PM |
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