Does My Mortgage Payment Cover Property Taxes?

Are you curious about what your monthly mortgage payment actually covers? It's a common misconception that your payment automatically includes everything, but understanding the breakdown is crucial for homeowners. Here's what you need to know about property taxes and your mortgage: ► Your mortgage payment typically covers the principal and interest on your loan. ► Property taxes and homeowner's insurance are often included through an escrow account, but not always. ► It's essential to review your mortgage statement to confirm if an escrow account is set up for taxes. ► If taxes aren't escrowed, you're responsible for paying them directly to the municipality. ► Understanding your mortgage components helps you budget effectively and avoid surprises. #MortgagePayments, #PropertyTaxes, #Homeownership, #RealEstateTips, #BlackWealthEstates