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We made a Offer on a House

post #1 of 13
Thread Starter 
We just made a offer on a House and the payment is the same as our Rent.
post #2 of 13
WooHoo!!!! How exciting!!
post #3 of 13
Is that including homeowners insurance and property taxes??
post #4 of 13
Oh how exciting!!!! Let us know how it goes!!! I'm crossing my fingers and toes and eyes for you!
post #5 of 13
Woohoo! Congrats!
post #6 of 13
Thread Starter 
We are doing that seperate. The sooner we get a House I get my new Cat.
post #7 of 13
Quote:
Originally Posted by mews2much View Post
We are doing that seperate. The sooner we get a House I get my new Cat.
Wow! A new house and a new Cat! A double Congrats!
post #8 of 13
Whoa, you must be so excited!!
post #9 of 13
That is so exciting. Congratulations!

I don't know if it's the same in the US, but it is better to do taxes and insurance separately here in Canada. If it is included in the mortgage, the bank "borrows" (or lends it to you) the money to pay your taxes up front and charge you the interest so we always opted to pay the taxes ourselves when they were due on a quarterly basis.
post #10 of 13
Thread Starter 
Its better to do it seperate here too. We asked for it that way. I can not wait to be able to do what we want. Here we have Rules.
post #11 of 13
CONGRATES .. hope you get it
post #12 of 13
Congratulations . that is very exciting
post #13 of 13
In the U.S., you generally pay your insurance and taxes with your payment. In fact, you are paying 1/12 of your next year's insurance and taxes each month. That way, when it comes due, the money is there and it gets paid. A good reason for that is that way, the mortgage company can be sure you're not going to lose your house to a fire or a tax lien and leave them holding the bag.

In fact, when you close, you usually have to buy a year's insurance and pay 2 months taxes in advance.

There are laws governing how much the mortgage company can hold. Our payment has fluctuated a little. We just got a letter saying our payment would be going down $50 per month starting next month, and a check for $600 for the excess escrows they were holding, to get them back under the limit.
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