Bills you have to pay monthly12/5/2023 ![]() ![]() Homeowner's Association Fees – (Fluctuates annually) If you receive a home loan from BECU, your homeowner's insurance and property taxes may be part of your mortgage payment. ![]() It's typically bundled with your mortgage payment, and paid by your lender. ![]() Your monthly insurance is often significantly higher than renter's insurance. Shop around – homeowner insurance fees can vary by provider and service. This ensures that if something happens to the house, it will be rebuilt and their investment is saved (as is yours!). If you acquire a home loan (and didn't pay for the house in outright cash), then your lender will require you to also acquire insurance against the house. Homeowner's Insurance – (Fluctuates annually) At BECU, most homeowners bundle their property tax in their monthly mortgage payment.Ģ. If property values decrease, you may opt to receive a check for the overage, or keep the money in your escrow account to anticipate for years that will have shortages. You can opt to pay the difference, or roll the additional amount into your monthly bill. In years that taxes increase, you will need to pay the shortage – the difference in what is now owed due to the increase. Each year, your lender usually sends a notice summarizing if you'll need to pay more or less based on new property tax requirements. As property values increase, so typically do property taxes. That money is then divvied up to both the city you live in and your state. You can learn about Washington state taxes here.Īs a homeowner, you pay an amount that's based on the value of your home. Property taxes are determined at the state and local level. Property Taxes – (Fluctuates annually) Let's start with often the most expensive: taxes on your home. You made an offer based on your budget down to the last penny and it was accepted: congrats! Don't forget to add the other costs of homeownership that go beyond a typical renter's situation.ġ. ![]()
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