What Taxes and Insurance Must I Pay as a Home Owner?

What Taxes and Insurance Must I Pay as a Home Owner?

Homeowners are required to pay property taxes and they must also have some type of homeowners insurance to protect their home, which is now their asset. State laws and other variables affect how homeowners pay for property taxes and insurance, but today, many mortgage lenders require homeowners to pay into an escrow account. The lender or mortgage servicer maintains an account to cover your property tax and homeowners insurance expenses. Each month, a portion of your mortgage payment will be put into this account and when your taxes or property insurance are due, the lender or servicer will pay them for you.

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