Two week's ago we talked about the shocking news that you need more than a down payment to buy a house. You need a lot more. You can read the blog here.
Today, we are going to add on to last week’s blog by talking about that fact that property tax differs from city to city.
I was really shocked when Brian shared with me that there is a huge difference in property taxes between Southfield and Lathrup Village. I mean, they are right next to each other! From our perspective, they should probably have the same taxes, but that is not the case.
When considering where you want to live, you need to do a little research about the property taxes, because you need that paid in full in order to purchase a home – and you’regoing to owe that every year! If your heart is set on living in a particular city that hashigh taxes, you might have to delay that home ownership just a little longer to save some more money.
I just had to put this in a blog all by itself, because I was completely blindsided bythis. If I was getting ready to buy a house and knew nothing about it, this would be a real issue. I don’t want any surprises during the already stressful process of buying a home.
I know there are some cities that I have always dreamed of raising my family in, but now I know that there is a lot more to buying a house than saving up enough for a down payment and getting a mortgage from Michigan First.
I have a lot more information about mortgages that I am excited to share with you. Stay tuned for those blogs, but until then, feel free to email me any questions you have about home ownership or getting a mortgage. I will get your questions answered with the help of the Michigan First Mortgage team.
Keeping it Fresh, Young & Free,