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DANG! It costs that much right now for me to get my tag in NY
Are you going to see a spike in foreclosures??
- Thread starter huskers1217
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Just make sure you aren’t paying PMI.
I am including having to pay your personal property tax on the vehicles and present the receipt and proof of inspection(was $25 IIRC) before you got to pay the tag fees.
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We had to do that for the first five years of our loan. Either it was a state law, or our attorney screwed us. I can't recall which, might have been both.
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Is this just your taxes on your home or is that all of your taxes combined associated with your home? Because don't you pay a city tax as well...a total of 3 different taxes? I'm paying more than that on the main house I live in. $1340 in October for school taxes and $2653 was this January for the house/land ... just the home I live in.
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Nope, not aware of any other charges. Our "land" is a parcel that's only 100 X 25 feet. I forget what percentage of an acre that is, and it's mostly the house. The "yard" is about the size of a billiard table, but not the same color.
Again, our tax burden is smaller thanks to all the businesses and corporations that are nearby. They pick up the majority of the tab -- and then pass it back to us in the form of higher prices for goods and services.
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It makes sense the way you explain it with your tax base being so large. So that $2500 includes your school taxes? I assume your home values are very high which is even more impressive.
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We just got the annual assessor's notice about a week ago, and while the house lost value from the previous year, it's still worth more than double what we paid for it 20 years ago. Then they have this complex formula for how they come up with the taxable amount, based on things like the zone, size, etc. I had a guy explain it to me years ago but the only thing I remember is "thank all the businesses that are in your zone"
Again, we get eaten up with sales and payroll taxes, so it's probably a wash
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Why would you think they're going up by over $2500/year? That would be a lot of taxes and insurance increases in a single year. And in Michigan taxable value increases from year to year by the rate of inflation or 5%, whichever is lower. So the most you could see your taxable value increase this year is 5% in Michigan (i'd imagine states have similar rules in place to prevent exactly what you're thinking). If the cost of my home doubles from one year to the next, that doesn't mean my taxable value does.
And what would make you think insurance rates would spike to that degree?
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my tax rate is low for texas at 3.75% - My property value increased at the 10% homestead cap for Texas so that right there is around 1,400 a year.
When they renew my homeowners insurance - they will have to increase the value of the home and with their already increased rates that should easily go from 4k to around 5 or 5.5k a year.
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Oh dang. Ours is capped at 5%/year or inflation. Since inflation was bonkers, it would be 5% (assuming the value increased that much from 2022).
I just don't see a ton of foreclosures happening. It happened last time because people became seriously upside-down in stupid mortgages they handed out. Not sure the same is going to be true here.
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No way man; you're fucking retarded. Your lender should 100% escrow for you.
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Yeah, I love the escrow. One less thing I have to think about. One monthly payment with taxes/insurance/mortgage all rolled into one. Insurance just bills the bank, the bank sends my taxes in and I do nothing. I'd very literally pay more for that service vs having to do it myself and it's free lol. I think when we closed we had to throw an extra $2k at it for the buffer, but it's not like that money isn't still yours and it's nothing in context of a mortgage.
Yes, if you were inclined you could make interest on the escrowed money throughout the year....but that sounds like a lot of fucking work to me.
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It happens when your loan amount exceeds a certain limit and you don’t have a second. Often caused by a high Loan to Value ratio. Pretty common for first time home buyers who don’t have 20% to put down.
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Yeah that's probably it. We had a "jumbo" loan and only put about 10% down. We got away with it because it's a 2-family, and we could claim the rental income from the second apartment.
Ok. Lots of misinformation out there.
Most loans do not require escrows. Conventional loans do not require escrows for property taxes and hazard insurance, but most lenders do. Some require only if your LTV exceeds 80% (or 90% in California). If not required, many lenders will allow you to waive them for a fee (typically a quarter of a point). FHA requires escrows on all loans, as do VA and USDA. Jumbo loans typically follow conventional. Flood insurance and mortgage insurance escrows can never be waived.
Most lenders will add a pad to your escrow account the first year to account for any changes, but are required to analyze your escrow account annually and adjust up/down as necessary.
See me for any and all mortgage-related inquiries.
Most loans do not require escrows. Conventional loans do not require escrows for property taxes and hazard insurance, but most lenders do. Some require only if your LTV exceeds 80% (or 90% in California). If not required, many lenders will allow you to waive them for a fee (typically a quarter of a point). FHA requires escrows on all loans, as do VA and USDA. Jumbo loans typically follow conventional. Flood insurance and mortgage insurance escrows can never be waived.
Most lenders will add a pad to your escrow account the first year to account for any changes, but are required to analyze your escrow account annually and adjust up/down as necessary.
See me for any and all mortgage-related inquiries.
And what many of you are calling a “pad” really isn’t a pad. If you buy a house in July and property taxes are due in January, they’ll collect the taxes due from January to August at closing (because your first monthly payment will be in September). In states where property taxes are paid in arrears, you’ll get a credit from the seller for the period of time they owned the home at closing.
Interesting. My taxes are higher, but my insurance is lower.
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You should cup my retarded balls.
so what’s the answer here? Spike in Foreclosures coming? I think I’m gonna buy more land
Been thinking of buying a rental house but not sure I want the mess with it
Been thinking of buying a rental house but not sure I want the mess with it