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I'm new to the home buying process and trying to figure out how to calculate taxes with mortgage?

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June 19 2012 - Bowie
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Answers (7)

Hi user, great answers so far, just wanted to add the MLS listings also show the taxes in most cases.
Most lenders include the taxes and insurance in your monthly payment, this part of your payment is called your "escrow" and goes to pay next year's taxes and insurance. You can choose NOT to include these in your monthly payment, but most lenders will penalize you .25% in fees at closing as they want to make sure they are paid. Your chosen loan officer can discuss all your options!

Best wishes, Jim
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June 20 2012
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I divide the cost of the loan say 122980 by 15 then by 12 and then take the property tax and insurance and add together then divide by 12 then take that number and add it to what the monthly loan worked out to be. It's not exact but it is a close guess
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June 19 2012
Profile picture for sunnyview
You can find often the taxes listed on Zillow, Trulia, Realtor.com and other sites. You can plug those into a PITI Calculator (mortgage/taxes/insurance) to estimate your monthly cost at your possible interest rate. That site also has other mortgage qualification calculators that are useful for running numbers.

A good lender can help you get qualified and run over numbers with you too, but you need to choose one that is experienced, truthful and is willing to treat you like a client instead of a number.
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June 19 2012
Your best bet, if you are new to the homebuying process, is to meet with an agent to learn about how it works, and what to expect. He or she can usually put you in touch with a lender, so you can determine what your true buying ability is. The online calculators generally do not take everything into account, because they do not have all of the information they will need.
A mortgage lender can guide you as to the different loan options that may be available to you, depending on your qualifications.
Please let me know if I can help you further.
Thank you so much!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
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June 19 2012
You should have a Realtor working with you that can offer you suggestions for a professional in related fields, like Mortgage, Legal, Inspection... Your agent will also be able to find many details regarding any home you wish to purchase, including- Taxes, restrictions, costs, fees... In fact in Florida, it is required that you sign off that you have been made aware of these facts.
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June 19 2012
Profile picture for B Mike West
There are two rokutes that you can take. 1) Find a loan consultant who you trust and get pre-approved for a loan.  That way you will know how much you can afford.  The loan consultant will help you with the tax issue for your area.  2) Find a buyer's agent whom you trust and have them recommend a loan consultant.
When you buy a home you are going to have to pay PITI (loan principal, loan interest, property taxes and insurance) and you will have to pay closing costs (usually about 3% of the purchase price).  No agent worth their salt is going to want to waste your time or theirs looking at homes that you can not afford.  Pre-approval is the place to start.
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June 19 2012
Many counties have their own website and inside there calculators to determine taxes to price paid. Try a google search for yours.It may be your county with tax assessor or appraisor in the domain name.
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June 19 2012
 
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