Whether you are a realtor with home purchaser or the client, it is essential in today's market to have a loan officer that will explain tax escrows, closing costs and payments in great detail with verbiage you can understand.
Taxes are one thing that tend to escape most people in their explanations. Especially if purchasing new construction, home that was previously an investment property or a foreclosure. Taxes can greatly change your monthly payment until home has been submitted for homestead exemption. In Jefferson and Shelby County taxes are paid in arrears and assessed once a year on October 1. If a home is purchased that is taxed commercial after October 1 of any year commercial taxes will be escrowed thru September 30.
Do you have questions?