Author Topic: Closing costs questions  (Read 298 times)

0 Members and 1 Guest are viewing this topic.

Offline DBtoOC

  • Tourist
  • *
  • Thanks
  • -Given: 5
  • -Received: 11
  • Posts: 45
Closing costs questions
« on: July 21, 2021, 02:33:10 PM »
I'm closing on a new construction home in August.  I'm choosing to impound my taxes & insurance with my lender and the Closing Disclosure is showing the following:  Property Taxes of $1,250/month for 8 months. 

Is this normal?  Why am I paying property taxes for 8 months into my escrow balance if the house isn't mine yet?  Does this amount typically get refunded back to me?

Online qwerty

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2737
  • -Received: 1834
  • Posts: 7981
Re: Closing costs questions
« Reply #1 on: July 21, 2021, 03:16:01 PM »
I'm closing on a new construction home in August.  I'm choosing to impound my taxes & insurance with my lender and the Closing Disclosure is showing the following:  Property Taxes of $1,250/month for 8 months. 

Is this normal?  Why am I paying property taxes for 8 months into my escrow balance if the house isn't mine yet?  Does this amount typically get refunded back to me?

You would pay the money at closing. Normally when you impound taxes and insurance they make you have a cushion in there, probably for risk mitigation.

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters


SimplePortal 2.3.7 © 2008-2021, SimplePortal