If the seller already paid taxes for the year, the table flops. You'll owe the seller taxes from the date of close to Dec 31. Either way, you'll pay the same thing, perhaps just to different people., depending on who paid what.
Also, be aware of city and county taxes, if applicable.
In general, a 12 month paid insurance policy will be required at closing. For the escrow portion of the home owner's insurance, 2-3 months will be collected.
Property taxes are much more complex. Ther are many variables in that as to what exactly will be collected.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing