Your monthly payment has several components. The first component is Principal and Interest. The second component is Homeowners Insurance and Property Taxes. Note, if you put more than 20% down, you have the choice to escrow or not. If you put less than 20% down, you must escrow your homeowners insurance and property taxes. Flood insurance may also be required. It is important that you budget if you have a Home Owners Association. BEWARE of Online Calculators. Many times, the property tax is inaccurate because the home might be owned by someone over 65 or with a disability. Talk to your Loan Officer or Realtor to get an accurate estimate of your property taxes. For more information on calculating your payment, contact us at www.loanwithjen.com Equal Housing Lender NMLS # 514497
0 Comments