Do you have to pay a motgage payment, property taxes, and insurance all seperated, or is the tax included in the mortgage payment? Also, does anyone know about how much it is for insurance on a 117,500.00 home in texas that is 4 years old? thank you.
2006-09-10 07:51:27 · 6 answers · asked by beccadynn420 2 in Business & Finance ➔ Renting & Real Estate
Many mortgage companies in Texas will set up an escrow account for taxes and insurance. The costs of that will be included in your mortgage payment. You may have the option to pay the taxes and insurance yourself, but be sure to set aside enough money each year to pay them.
2006-09-10 07:59:08 · answer #1 · answered by Albannach 6 · 0⤊ 0⤋
Your Mortgage lender will require you to include 1/12 of the estimated taxes in each payment you make to them. They hold that money in a separate account, and pay the annual tax bill when it comes due. They will also require that you have insurance, but it will probably be your choice to pay it on your own, or pay it through your lender. Needles to say, if the insurance lapses, you will be in big trouble with the lender. Any local agent should be happy to quote you a price for the insurance. Start with the company that insures your car. Companies often offer discounts if you carry multiple lines of insurance with them.
2006-09-10 15:05:22 · answer #2 · answered by Jay S 5 · 2⤊ 0⤋
Your mortgage payment normally includes Principal and Interest (P&I) Only; however, you can choose to "escrow" your Tax and Insurance premiums (divide by 12) and have it lumped with your mortgage payment (PITI) and make one payment every month - your mortgage company would then pay your Taxes and Insurance from your escrow account when due.
Call a few local Insurance agents to check rates.
2006-09-10 15:03:02 · answer #3 · answered by Tissa 2 · 0⤊ 0⤋
Home owners insurance is relatively cheep for most parts of the countries. I'm in northern KY and a house of your value would probably be about $400 per year.
You will only make 1 payment per month, and the taxes and insurance money will be collected within your payment and held in an escrow account, and paid directly to the taxing authority and insurance company once per year.
2006-09-10 15:00:11 · answer #4 · answered by KYRealEstateGuy 4 · 0⤊ 0⤋
Mortgage & taxes are often together, but insurance is usually separate. I don't know what the rates are there, but you can get a good discount if your car & homeowners are both through the same company.
Congrats on the house!
2006-09-10 14:59:06 · answer #5 · answered by Anonymous · 1⤊ 0⤋
It depends on your lender and loan.
Some lenders require escrow for taxes and insurance to be paid with your mortgage payment, others don't.
Some lenders require that you prepay 6 to 12 months of these items at closing, others don't.
Your best bet is to ask your lender what they require.
2006-09-10 15:03:16 · answer #6 · answered by BoomChikkaBoom 6 · 1⤊ 0⤋