8 Comments

1. Donna says:
   May 1, 2010 at 11:38 pm

   Probably the property taxes but I think they will struggle to allow the insurance on the mortgage.
   Perhaps on a second loan or just pay the insurance monthly.
2. Grscraps says:
   May 1, 2010 at 11:41 pm

   Depends on the bank. Closing cost usually yes. Homeowners insurance and property tax the bank will set up impound accounts. You would pay monthly and they will pay the yearly payment (total rip off in my professional opinion because you give the bank an interest free loan. However, if the convenience is worth it to you then by all means go for it.)
3. v b says:
   May 2, 2010 at 12:39 am

   The bank is only going to want to finance the cost of the house.

   Insurance and property taxes are ongoing expenses. They have nothing to do with the cost. If you can’t afford those, do not buy the house.
4. sumbumblebee says:
   May 2, 2010 at 1:36 am

   Your question is a little confusing, but I’ll answer what I think you’re asking. If you’re asking whether or not you can add those items to your total cost and use the mortgage to pay for them, then no. The lender will give you a loan based on the value of the home, not the home plus everything else. You’ll have to come up with the cash for those things separately from any down payment.

   If you’re asking if those things can be added to your monthly payment, then yes, for the most part. Most lenders will set up an escrow, or impound account (some even make you for certain payments if you put less than 20% down) for your taxes and insurance. However, there’s nothing you can do about your closing costs. They have to be paid up front. If you don’t have the cash, I suggest bargaining for it with the seller. That’s what we did- got the seller to pay all closing costs, in return for a slightly higher overall price.

   Best of luck to you! :0)
5. spalmer says:
   May 2, 2010 at 2:16 am

   Property taxes and homeowner’s insurance are added into the mortgage payment in escrow accounts. Closing costs must be payed by cashiers check (or the seller if that’s what the contract states) at closing — those cannot be added into the mortgage.

   Homeowner’s insurance is paid by the lender because it is required that you have insurance if you have a mortgage. This way, they insure that you stay covered.
6. ninasgramma says:
   May 2, 2010 at 2:18 am

   Homeowner’s insurance and property tax are annual payments and not part of your loan principal. However, many people pay these bills through their mortgage company. Each payment you make on your mortgage would include one month’s insurance and one month’s taxes.

   Each mortgage payment is broken up into PITI: principal, interest, taxes, and insurance.

   Some mortgage companies will let you pay insurance and taxes on your own, and other mortgage companies require you to pay monthly with your principal and interest payments.
7. Pei says:
   May 2, 2010 at 3:03 am

   homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.
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