homeowners taxes and insurancetax

Hi paj paj!

Welcome to Forums!

You will have to pay both the homeowner's taxes as well as insurance tax. Apart from this, you will have to also pay the mortgage if you have taken one. Generally, the homeowner's taxes and insurance taxes are included within the monthly mortgage payments.

Feel free to ask if you have further queries.

Sussane

You mean you don't want to include an escrow account in your mortgage transaction? well, I personally feel it's always better to include it because the escrow allows you to deposit taxes and insurance in installments instead of a lump sum payment. It's easier to maintain the premiums on your homeowners insurance and property tax payments. What's your lender saying by the way? usually lenders prefer borrowers to have an escrow account wherein there'll be some cash reserves as well. This helps you when you're not able to make the escrow payment in a particular month.

Good luck

if your taxes have not gone up and your insurance has not gone up, what will make you have a shortage