Msusa07, Home Buyer in Farmington Hills, MI

Im concerned about property taxes in Southfield being so high. Are the taxes rolled into your Mortage?

Asked by Msusa07, Farmington Hills, MI Thu Oct 27, 2011

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4
Absolutely, Taxes as well as home owners insurance can be rolled into your mortgage. Most mortgage companies will actually require it. Depending on the school district, taxes in Southfield are as high as 60 mils, which mean $60 per $1000 of taxable value whereas across the way in Farmington Hills taxes are only 43 mils.

What you can do is talk to a mortgage lender, tell them what you want to pay per month, and they can give you your price range and how much of that can be used for taxes.

Let me know if you need some help in your search or would like some lender suggestions.

Margo Borkin
Real Estate One
(248) 318-4776
margo@movewithmargo.com
0 votes Thank Flag Link Tue Apr 2, 2013
Taxes can be rolled into your mortgage as can your insurance, but don't have to be... Check with your tax advisor or your attorney to advise what's best for your particular portfolio...
0 votes Thank Flag Link Thu Oct 27, 2011
Thanks so much for your responses Karen. As you can see I've had so many questions! We have not got a preapproval yet but when we do I would love to speak with you and see if we are a good fit ;-)
0 votes Thank Flag Link Thu Oct 27, 2011
The taxes are high in Southfield. It has one of the highest rates in the County. Yes taxes can be rolled into your monthly mortgage payment. An example would be if you yearly property taxes are $3600.00, $300.00 per month would be included in your monthly mortgage payment. Depending on the amount of monthly payment you qualify for the monthly taxes are taken off of that figure. In other words if you qualify for a $1000.00 a month monthly payment and your taxes are $300.00 per month you can only buy a house with a monthly payment of $700.00. You also have to deduct the monthly amount of homeowners insurance from that figure. So as you can see the lower the property taxes the higher the price of the home you can buy.

I hope this helps.

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Thu Oct 27, 2011
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