I’m working to answer your Real Estate questions quickly without all the crap you don’t want to be bothered with. After this one is answered, visit my YouTube Channel for more Real Estate Questions answered in around 30 seconds.
Today’s question is a common question from 1st time homebuyers. Here it is: How do I pay my property taxes after I’ve bought a new home?
This is a common real estate concern for new homebuyers because they’ve never been responsible for property taxes or paying for homeowners insurance before. I give the answer in this quick video:
Now you know that you don’t even have to worry about paying your homeowners insurance or property taxes, the mortgage company should collect that in your monthly mortgage payment. This is called escrow. They collect the amount needed to cover the property tax as a portion of your monthly payment then they pay the tax when it is due. You don’t even have to worry about it.
This is actually really convenient for most homeowners because you don’t need to remember when your property taxes are due and you don’t need to make sure you have money saved up for this expense either. It just happens for you. Obviously, make sure you ask your mortgage company about this. Don’t just assume it’s going to happen because of this blog post.
Do you have more questions about buying a first time home owners? Reach out to me or comment on a video in this playlist: Real Estate Questions Answered.