One of the problems that first time home buyers in Macomb County MI are running in to is that the good faith estimate they received from the mortgage lender has a lower estimate for property taxes then what we they actually are.
For example: Your mortgage lender may estimate your future property taxes to be $1800 per year, therefore your monthly payment estimate for the taxes would be $150 per month in your escrow account.
When a mortgage lender pre-approves you for a home mortgage they use a debt to income ratio based upon purchase price, property taxes, home owners insuraance and private mortgage insurance. If the property tax information is too low (as is happening more and more lately) then your total purchase power will be lower than expected. Also, your estimated amount of money needed to close on the home will not be accurate.
To avoid the complications that can arise (and the not so nice surprise later on) of having either a higher mortgage payment or not qualifying for the mortgage please ask your mortgage reprensentative to estimate your property taxes higher than they normally would.
So many homes on the market in Macomb County MI have now reverted to a non-homestead status at the assessors office, therefore the property taxes are much higher than what is being reported on the listing information forms.
Ask your buyers agent to research each property at the city/township assessors office for accurate timely property tax information as well as asking your mortgage lender to overestimate your property taxes.
~Kris Wales~ A partner for your real estate needs in Macomb County MI
Contact Kris Wales - A partner for your real estate needs in Macomb County MI
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