How Property Taxes Can Impact Your Mortgage Payment

How Property Taxes Can Impact Your Mortgage Payment. When is A Mortgage Payment Considered Late

How Property Taxes Can Impact Your Mortgage Payment video duration 2 Minute(s) 15 Second(s), published by Christopher Stager on 04 09 2019 - 16:13:36.

Good Afternoon everyone, this is Christopher Stager Realtor with Century 21 Pinnacle here in the Lehigh Valley
I want to talk to you today about how property Spreadsheet: Investing vs Extra Mortgage payments Calculator Spreadsheet (Apple Mac Numbers and Excel available) Ultimate ltimate chart created to .

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Good Afternoon everyone, this is Christopher Stager Realtor with Century 21 Pinnacle here in the Lehigh Valley. I want to talk to you today about how property taxes can impact your monthly mortgage payments.

When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area?

When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment.

P&I stands for Principal and Interest, and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance, and they’re all important factors to calculate when you want to determine exactly what the cost of your new home will be.

TaxRates.org defines property taxes as,

“A municipal tax levied by counties, cities, or special tax districts on most types of real estate – including homes, businesses, and parcels of land. The amount of property tax owed depends on the appraised fair market value of the property, as determined by the property tax assessor.”

The top 5 states with the highest median property taxes are New Jersey, New Hampshire, Texas, Nebraska, and Wisconsin. The states with the lowest median property taxes are Louisiana, Hawaii, Alabama, and Delaware, followed by the District of Columbia.

Here is the Bottom Line
Depending on where you live, property taxes can have a big impact on your monthly payment. To make sure your estimated taxes will fall within your desired budget, feel free to give me a call today to find out how the neighborhood or area you choose can make a difference in your overall costs when buying a home.

Also, now is the time to start checking your monthly statement to see if you are receiving an Escrow Review Statement because that too can affect your monthly payment if there has been changes to your current taxes.

Have a great day everyone and I look forward to hearing from you!!