Home Buying in Quincy>Question Details

kshah241, Home Buyer in Braintree, MA

how should one take into account real estate taxes in terms of their monthly mortgage in quincy? i.e., are the taxes rolled into the mortgage?

Asked by kshah241, Braintree, MA Tue Jan 31, 2012

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Don Tepper’s answer
Usually the lender requires that the real estate taxes be included in the buyer's mortgage payment. That's to protect the lender's interest; the lender can make sure that the real estate taxes are being paid. Note: That advice is generally applicable across the U.S.; while I doubt that Quincy is any different, I can't definitely address your particular location.

In fact, your payment likely will be "PITI"--principle, interest, taxes, and insurance. The insurance is included for the same reason. The lender wants to make sure that if anything happens to the property, that its loan won't become worthless.

A mortgage broker, lender, or Realtor can provide further information.

Hope that helps.
0 votes Thank Flag Link Tue Jan 31, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Virtually every Lender now uses IMPOUNDS for their Loans:
This means you will pay PITI; Principle, Interest, Taxes and Insurance
You can negotiate the Insurance yourself
The Taxes will be around 1-2% of the Selling price.
You may ask the Title Company for a HUD1 which will deliniate everything.

Good luck and may God bless
0 votes Thank Flag Link Tue Jan 31, 2012
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