| Posted By |
Message |
jame0801
LIF Toddler
Member since 5/11 428 total posts
Name:
|
First time homebuyer...question about taxes
Do most people pay them monthly or quarterly? I assumed monthly but than thought maybe budget wise it may be better to pay them quarterly. Thoughts?
|
Posted 10/12/17 7:00 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
|
First time homebuyer...question about taxes
we pay monthly
|
| Posted 10/12/17 7:45 AM |
| |
|
MrsMango
LIF Infant
Member since 8/14 231 total posts
Name:
|
First time homebuyer...question about taxes
i pay my taxes directly to the town when they are due. I do not escrow my taxes. I think it totally depends on how regimented you are with money. we have a separate acct that I deposit money into each week so when they payment is due I have it. Not all banks allow this though from what I have heard
|
| Posted 10/12/17 8:47 AM |
| |
|
mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
|
Re: First time homebuyer...question about taxes
Posted by MrsMango
i pay my taxes directly to the town when they are due. I do not escrow my taxes. I think it totally depends on how regimented you are with money. we have a separate acct that I deposit money into each week so when they payment is due I have it. Not all banks allow this though from what I have heard
this is true- the type of FHA loan we got required us to escrow our taxes. If you can avoid it, I've heard it's better not to escrow them
|
| Posted 10/12/17 8:51 AM |
| |
|
LuckyStar
LIF Adult
Member since 7/14 7272 total posts
Name:
|
First time homebuyer...question about taxes
Ours are rolled into the mortgage. I didn't know there was another option and we have a conventional loan so it might not be FHA specific. I think most people pay monthly.
|
| Posted 10/12/17 9:06 AM |
| |
|
NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
|
Re: First time homebuyer...question about taxes
Your mortgage may require you pay taxes through it, and you would therefore, have it rolled into your monthly payment.
|
| Posted 10/12/17 12:29 PM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19454 total posts
Name:
L
|
Re: First time homebuyer...question about taxes
Depending upon the type of mortgage and the lender requirements, taxes can be escrowed into your payment. Escrow means that you pay your mortgage lender your portion of your tax bill monthly as a part of your bill and they will send out your tax payment to your town. If you don't have to escrow your tax payment, then you would be responsible for sending a check to your town quarterly for the tax payment. The town gets paid quarterly either way. In general, if you escrow, your lender would send out checks for home insurance, and taxes. If you don't escrow, then you would have to send those checks out yourself and budget for those expenses in addition to your mortgage payment.
Edit, I have only had conventional loans, but one lender let me pay taxes on my own. We used a different lender for our new home, and this lender required us to escrow as part of the loan terms.
The reason people like to pay taxes on your own is that you are basically giving your mortgage company an interest free loan of the two months of tax payments, and around here that is $$$$.
Message edited 10/12/2017 1:32:40 PM.
|
| Posted 10/12/17 1:29 PM |
| |
|
TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
|
Re: First time homebuyer...question about taxes
Ours are escrowed so we pay monthly.
|
| Posted 10/12/17 2:03 PM |
| |
|
jame0801
LIF Toddler
Member since 5/11 428 total posts
Name:
|
First time homebuyer...question about taxes
OK thank u. We got a conventional loan and now that I think about it I believe its rolled in because our loan officer would add that in when we were figuring out what we could afford. Thanks!
|
| Posted 10/12/17 2:59 PM |
| |
|
MichLiz213
Life is Good!
Member since 7/07 7979 total posts
Name:
|
Re: First time homebuyer...question about taxes
Posted by TheDivineMrsM
Ours are escrowed so we pay monthly.
Same here. We weren't given a different option.
|
| Posted 10/12/17 9:50 PM |
| |
|
