Mortgage increase

[SamSarah]

We just closed on a new home in May. Will the mortgage payment increase the next year due to property taxes since the land now has the home built on it or is that accounted for at the time of purchase?

[kfierle]

Your mortgage (principal and interest) payment should not increase if you have a fixed rate mortgage. The escrow portion of you monthly payment will increase if there is an increase in property taxes or homeowners insurance. So will your monthly payment increase? More than likely, yes.

[golfing eagles]

We just closed on a new home in May. Will the mortgage payment increase the next year due to property taxes since the land now has the home built on it or is that accounted for at the time of purchase?

Expect a large tax increase since your current assessment is based on undeveloped land

[Stu from NYC]

Expect a large tax increase since your current assessment is based on undeveloped land

The mortgage itself will not change but the escrow payment will most likely go up.

[Goldwingnut]

You didn't say what village you were in. If it is a new home, then as those above have said you will see an increase in escrow as the assessment goes from undeveloped land to developed land assessment. If it is an existing home over 1 year old, you should not see a significant change.

[davem4616]

the annual bond payment and VDD Maintenance fee will also be included in the tax bill

not sure which county you're in...Lake County gives a 4% discount if you pay the taxes 4 months early. you may want to check with
your bank to see if they pay the taxes early enough for you to get the maximum discount...and if you'll have enough $$$ in escrow to cover all of it

you might want to consider rewriting and putting more money down to avoid the escrow provision

[camaguey48]

We just closed on a new home in May. Will the mortgage payment increase the next year due to property taxes since the land now has the home built on it or is that accounted for at the time of purchase?
The mortgage escrow increases to cover the increase in taxes and insurance. There's the mortgage insurance which is avoided with a 20% down payment.

[Jsbedford]

I’d love to pay my taxes early and save $$. We’re in Sumter County. Where would I find my bill? We just closed April 2020. Thank you.

[Mike Shebel]

When you receive your tax bill, early November, it will have various dates located on the bottom of the bill. Choose the earliest date shown on the bottom of the bill, and pay your taxes “early” to get the maximum discount.

Hope this helps!!

[Yucatan2]

We chose to only have our mortgage with principle and interest, and pay the taxes separately . But we also put a large down payment on it.

[jrieker68]

I’d love to pay my taxes early and save $$. We’re in Sumter County. Where would I find my bill? We just closed April 2020. Thank you.

Tax bills come out in November; generally, if you pay by Nov. 30th, you get a 4% discount (all counties); Dec. 31st-3%, etc. Estimates used to be mailed out in July, may be August now? You can go to Sumter County Property Appraiser - Joey Hooten - Bushnell, Florida - 352-569-6800 (http://www.sumterpa.com) (for Sumter County, if not, search for your county property appraiser's office online) and click on "Record Search", enter your name and then click on "2020 trim" button in the upper right. Currently, you will only see the 2019 button, once the notices are mailed, you should see 2020.

[Jsbedford]

Thank you!!!

[manaboutown]

We chose to only have our mortgage with principle and interest, and pay the taxes separately . But we also put a large down payment on it.

For many years I chose to pay only P&I to the mortgagee as I could obtain interest income on funds I would set aside for T&I. The loans I have taken out in the last few years in CA and ID I chose PITI because interest rates on savings have been so low the convenience was worth it. Plus lenders in CA and a few other states must now by law pay interest on escrow accounts. I am not sure about FL as I do not have a mortgage on my house here.