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As a homeowner, it’s important to understand what your monthly mortgage payment includes. Whether you’re a first-time homeowner or a seasoned pro, knowing the breakdown from principal to property taxes can set you up for future financial success.
Property taxes play a significant role in your escrow account balance, and in turn, impact your monthly mortgage payments. Along with increases in home insurance rates, homeowners face property tax increases that can impact their escrow accounts and finances. As local tax rates and property assessments fluctuate, your property tax liability can increase over time. However, there are strategies you can employ to minimize these increases and preserve your financial stability. By taking advantage of available exemptions, budgeting and planning, homeowners can look to maximize their savings and create a more affordable homeownership experience.
