taxes

Guest 0.10 Dollars($)

can i include my taxes and insurances in my first mortgage loan?

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Hi Mary,

Welcome to the forum, I invite you to register and participate, if you are looking for a mortgage you will probably have a lot more questions. Let me try to answer this one for you.

Yes, it is called an escrow account, I have it on my mortgage. The mortgage company will take the total amount of your taxes and insurance and divide on on how your payment is set up and add the amount to your payment each time you pay.

If you have it set up monthly then it would be divided by 12, bi weekly then divide by 26, etc, all depends on how you have it set up.

I did not have this the first time I had a mortgage and sometimes it was tough coming up with the taxes at the end of the year.

I don't even see mine now, they go straight to the lender and they pay all these bills for me, it is a big relief.

I was not disciplined enough to set this money aside each month. Maybe you are, if you are then that is great, you don't have to do this, but a lot of companies encourage you to do this.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Mary,

Welcome to the forum.

Generally in fixed rate mortgage, your mortgage payments includes principal payment, interest, property tax and insurgence.

And yes jbarto has given you some sound info and suggestions.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

larry is this not offered in a variable rate, I have always had a fixed rate and would never wonder from it. But I didn't know that it was not an option in a flexible rate situation.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi jbarto,

I am sorry that there arises a confusion as I have only mentioned about fixed rate mortgage. In both form - fixed rate mortgage as well as variable rate - property tax and insurgence are generally included in the payments.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Yes you can include your property taxes and homeowners insurance on a fixed or variable rate mortgage.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Hi Mary,

Were you looking to refinance and add in your taxes and insurance to your payment or add them to your current mortgage?

jameshogg

Yeah Jbarto and Lisa, I think Mary wants to include the tax and insurance payments into the loan amount itself and possible she's looking to refinance the existing loan on her home.

Mary, isn't that so?

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