First time buyer who needs advices...

[brianjb]

Originally Posted by chrisl1208

Ok, thanks for your advices.

What is a escrow? Sorry, I am a newbie!

No problem. Not every lender requires an escrow, but whether you have it or not doesn't change your monthly budget.

Let's say your property taxes are $3600/year and your insurance is $1200/year. That is a total of $4800/year. So you would have $400/month added to your monthly payment to cover your escrow.

If you want a good estimate, check with local tax rates and insurance. You can get a good idea on how much property taxes are on zillow

Let me know if you need clarification or help

[thelopez2]

Originally Posted by brianjb

No problem. Not every lender requires an escrow, but whether you have it or not doesn't change your monthly budget.

Let's say your property taxes are $3600/year and your insurance is $1200/year. That is a total of $4800/year. So you would have $400/month added to your monthly payment to cover your escrow.

If you want a good estimate, check with local tax rates and insurance. You can get a good idea on how much property taxes are on zillow

Let me know if you need clarification or help

Luck for the OP they live in California and the property taxes are pretty much fixed with a fixed increase. property taxes are a based on State and county and are a little over 1% of the purchase price plus and annual increase. If the property is $200,000 expect to pay around $200 a month on property taxes.

An escrow account is money paid to the bank so they can pay your property taxes and or insurance for you.