Do Trulia Mortgage guide calculators reflect/include property taxes and insurance expense?

Asked by Robert, Anchorage, AK Tue Aug 31, 2010

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Sun Sep 5, 2010
One thing that you have to be very careful with when looking at taxes and insurance is that if you buy a foreclosed property, the taxes may be based on the value of the house last year. So, if you buy a house for $100,000 but it was worth $200,000 last year, your taxes may be based on the $200,000 property for the next year. This is especially important when qualifying for a loan. If you are told that the property's taxes SHOULD be $100 based on a $100,000 property and the loan officer is told that, he/she may qualify you using the lower amount of property taxes. When it's time for your loan to go through underwriting, the underwriter will use the $200,000 value ($200 property taxes for example) to qualify you. If you don't make enough income to cover the higher property amount, your loan may be declined. After you buy the house, you may look into filing for homestead exemption so that you can obtain the lower taxes.

Similarly, if you buy a house from someone who is retired, his or her taxes may be lower than normal (many states don't charge senior citizens school taxes after a certain age). You may think your taxes are lower when in fact they are higher. This can result in the lender not collecting enough money for escrow (the money used to pay the taxes at the end of each cycle). This will in turn cause your mortgage payment to go up if you allow the lender to pay your taxes and insurance.

Home owner's insurance can vary depending on your history with houses. If you've had claims in the past with insurance companies for repairs, your insurance quote may be higher. Credit can also affect your payment.
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Julia Odom, Agent, Cleveland, TN
Tue Aug 31, 2010
Yes, but like others mentioned it's a very rough estimate. If there is a particular Hixson home you are interested in, drop me a line and I'll look up the taxes for you. They can vary a good bit depending on whether you are in the county or city. Insurance would still be an estimate but it will put you a lot closer than you'd otherwise be.
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Tue Aug 31, 2010
They're very rough estimates. I would recommend you talk to local realtor who will be able to give you a better idea of what those fees would be , as well as help you with your search

Elena Ollick
Amerivest Realty
Faith Home Loans
skype: napleshomes
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Jason Stevens, , Englewood, FL
Tue Aug 31, 2010
yes but they are estimates not etched in stone.
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