Home Buying in New Albany>Question Details

Mckinley Ale…, Home Buyer in Jackson, MS

Got a real estate question? Get answers from locals, experts and real estate pros. Are taxes included in estimated monthly mortgage payments?

Asked by Mckinley Alexander, Jackson, MS Wed May 26, 2010

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3
Emelia Sanchez’s answer
Mckinley,

If you are purchasing FHA they must be paid monthly with your mortgage payment. If you are purchasing using a conventional loan you may choose to make the 12 monthly installments or pay them when they are due.
0 votes Thank Flag Link Wed May 26, 2010
Mckinley,

Your estimated monthly mortgage payment should be comprised of
Principle, Interest, Taxes and Insurance. We call that PITI. Ask any
lender you speak with to estimate the PITI for you. Taxes vary, ask your
agent about those.

Good Luck,

Marita
Assoc Broker
Prudential Indiana Realty Group
Indy area
0 votes Thank Flag Link Wed May 26, 2010
Usually they are. If you want to avoid having them bundled with your monthly P&I payment, you are usually charged 0.25% of the loan amount for that luxury.

What do you want to do?

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
Web Reference: http://www.ezAZloan.com
0 votes Thank Flag Link Wed May 26, 2010
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