Loni Lueke REALTOR® - The Do's and Don'ts in your Homebuying Process

of annual taxes within the mortgage payment. The mortgage servicer will pay the taxes as they are due. When buying a house, your lender will calculate the total amount of real estate taxes as well as the number of days in a property tax year that you were the owner of the said property and escrow that amount, adding it to the mortgage payment. Many people overlook the shopping aspect and tend to approach a single lender. As a result, these people will probably get their “dream” home, but it may come with a substantially higher monthly mortgage payment than if appropriate and adequate research had been done.