The only explanation for this would be that the local government increased the property taxes after the calculations for the mortgage escrow were made and the loan closed. The bank would have no way to know ahead of time that taxes were being raised. The only problem with this video is that a bank almost certainly wouldn't go an entire year before they adjusted the escrow payments - they would make the adjustment as soon as any tax increase happened.
Close, but they would make the adjustment whenever the mortgage servicer does their "escrow analysis", from personal experience that is usually in the fall, but there isn't a national standard or in most cases a state standard. It is a county by county thing, which is why it is complexly simple.
They are talking on their heads about the same numbers but the correct amount of $2149 is way different to $21.49, that's my guess... Yes , I know it is absurd to even think to pay $21.49 for a mortgage 🤦🤣
No way a bank wouldn't collect and escrow money owed for taxes on a mortgage. If taxes are owed on a property and a tax foreclosure is started, Uncle Sam gets paid first from the proceeds. If there isn't enough from the proceeds to pay anyone else who's owed money (e.g. the bank), they get screwed. So banks always make sure the taxes get paid.
@@d0ugh2k wrong. You can pay it separately if you so choose. Does not have to be part of your payments. You just need to make sure you save that money and make the property tax payments twice each year or you'll now owe penalties in interests and fees.
Our original mortgage for the farm was to include the bank paying the two property taxes (house + 1 acre and the rest of the acreage). The bank always forgot to pay one or both. Every year we were at the loan officer’s desk explaining their job to them. After the house was paid off in divorce, I had to take out a HELOC, which will not pay the taxes. At least I always remember that there are two tax bills.
They eventually adjust the taxable value with the next tax year. Assessed values in some counties take up to 3 years to hit the tax roll. So if I removed a deck from my house and found on the county website that I am still being taxed on a deck that I removed when I moved in….. I would go to my local assessors office and have them update my property description after they verified that indeed the deck is no longer there. Secondly .. I would then go to the assessor review commission board and GRIEVE THE ASSESSED VALUE OF MY PROPERTY BECAUSE THEY ARE ASSESSING THE VALUE IF MY PROPERTY AT A HIGHER RATE BECAUSE THEY STILL HAVE THE DECK ADDED TO THE PROPERTY DESCRIPTION AND RECORD .. basically means they are taxing my property at a higher value than it should be. So I’m going to pay more taxes for a deck that’s not there. Some counties like NASSAU COUNTY IN NY WILL REMOVE THAT VALUE IN ABIUT 3 YEARS. Educate yourself homeowners. That assessors office is obligated by law to break this down to you. Ask the questions. Ask to speak to an assessor. Again GREAT VIDEO!!
What are you talking about? My monthly house payment for a 2 story, 4 bedroom house is only $1100 a month including my escrow, city taxes, and house insurance. The only other house bill I have is water and sewer and that's about $50 month on average.
@@WillS-x9y Actually, I'm not bragging mind you but it was my first house that I purchased in Oct of 2022. Location is important of course here in Wisconsin. There are even cheaper houses up North but then you're fighting winter for 4-5 months. Closest "big" city is 35 miles away but I like the quiet of living in the country side.
The only explanation for this would be that the local government increased the property taxes after the calculations for the mortgage escrow were made and the loan closed. The bank would have no way to know ahead of time that taxes were being raised. The only problem with this video is that a bank almost certainly wouldn't go an entire year before they adjusted the escrow payments - they would make the adjustment as soon as any tax increase happened.
Close, but they would make the adjustment whenever the mortgage servicer does their "escrow analysis", from personal experience that is usually in the fall, but there isn't a national standard or in most cases a state standard. It is a county by county thing, which is why it is complexly simple.
They are talking on their heads about the same numbers but the correct amount of $2149 is way different to $21.49, that's my guess... Yes , I know it is absurd to even think to pay $21.49 for a mortgage 🤦🤣
That was not my experience. My bank waited for the entire year and we were short $8,200! And just where is this money come from?!
Property tax and homeowners insurance fee increases. Can avoid this by paying those bills separately and not using an escrow with your mortgage
It's the taxes for the first year not built in or they didn't include taxes and insurance as part of their mortgage 😂
No way a bank wouldn't collect and escrow money owed for taxes on a mortgage. If taxes are owed on a property and a tax foreclosure is started, Uncle Sam gets paid first from the proceeds. If there isn't enough from the proceeds to pay anyone else who's owed money (e.g. the bank), they get screwed. So banks always make sure the taxes get paid.
@@d0ugh2k wrong. You can pay it separately if you so choose. Does not have to be part of your payments. You just need to make sure you save that money and make the property tax payments twice each year or you'll now owe penalties in interests and fees.
Our original mortgage for the farm was to include the bank paying the two property taxes (house + 1 acre and the rest of the acreage). The bank always forgot to pay one or both. Every year we were at the loan officer’s desk explaining their job to them. After the house was paid off in divorce, I had to take out a HELOC, which will not pay the taxes. At least I always remember that there are two tax bills.
All mortgage broker is hitting up the comments to set the record straight, lol.
They eventually adjust the taxable value with the next tax year. Assessed values in some counties take up to 3 years to hit the tax roll. So if I removed a deck from my house and found on the county website that I am still being taxed on a deck that I removed when I moved in….. I would go to my local assessors office and have them update my property description after they verified that indeed the deck is no longer there. Secondly .. I would then go to the assessor review commission board and GRIEVE THE ASSESSED VALUE OF MY PROPERTY BECAUSE THEY ARE ASSESSING THE VALUE IF MY PROPERTY AT A HIGHER RATE BECAUSE THEY STILL HAVE THE DECK ADDED TO THE PROPERTY DESCRIPTION AND RECORD .. basically means they are taxing my property at a higher value than it should be. So I’m going to pay more taxes for a deck that’s not there. Some counties like NASSAU COUNTY IN NY WILL REMOVE THAT VALUE IN ABIUT 3 YEARS. Educate yourself homeowners. That assessors office is obligated by law to break this down to you. Ask the questions. Ask to speak to an assessor. Again GREAT VIDEO!!
I don’t understand.
Whose house payment with escrow is only $2149 monthly? A shed?
What are you talking about? My monthly house payment for a 2 story, 4 bedroom house is only $1100 a month including my escrow, city taxes, and house insurance. The only other house bill I have is water and sewer and that's about $50 month on average.
@@HyBrithe yeah? When did you buy it? Not in the last 3 to 4 years.
@@WillS-x9y Actually, I'm not bragging mind you but it was my first house that I purchased in Oct of 2022. Location is important of course here in Wisconsin. There are even cheaper houses up North but then you're fighting winter for 4-5 months. Closest "big" city is 35 miles away but I like the quiet of living in the country side.
@@WillS-x9y$644700 is $2149 per month over the 25 year mortgage.
@HyBrithe Well that probably means you own your home more than 7 to 10 years, Because that's not close to the rate that home owners pay today
Not the USA.
😂 what?