Question by Average Joe : How are property taxes paid when there is a mortgage ?
A few years ago I bought for investment property in cash and I had to pay the real estate taxes myself, usually around March I think. I?ve heard people say that if you have a mortgage, it is different and the property taxes are added onto your mortgage bill every month. Is this true? I am looking to get a mortgage, but I would prefer to pay my property taxes in one lump sum in February like I did before. Can this be done with a mortgage? Best answer:
Answer by So Witty
If you have a mortgage, and you placed less than twenty percent down, the mortgage company will charge you a portion of your estimated taxes each year, and place funds in the escrow account to. When taxes are due, the mortgage company wants to pay the taxes out of the escrow account.If you place a down payment of at least twenty percent, most mortgage companies will let you pay your taxes in a lump sum.
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