Antnee83 t1_j6y7hlc wrote on February 2, 2023 at 6:59 PM

Reply to comment by Jakelshark in So, naive question but, how do we go about politically motivating housing costs? by [deleted]

> So the mortgage might be $1,500, but the bank needs $2,300 monthly or whatever because they don't trust most people to keep up with insurance and taxes on their own.

Guys.

Both of these things are part of a mortgage payment in almost all cases. Property taxes are paid on your behalf by the lender, and is included as part of your mortgage payment. You're almost always required to hold homeowners insurance (and not just the minimum policy) while you have a loan.

Jakelshark t1_j6y8dbl wrote on February 2, 2023 at 7:05 PM

I know how it works. I have owned multiple houses (not at the same time, so put down your pitchforks)

I'm just trying to draw a distinction between the home loan part (what you get preapproved to spend) and the rest of the fees you're expected to pay monthly. The home loan part is traditionally a fixed payment, whereas the taxes/insurance can vary over time.

My last home was 860/month for the mortgage to pay principle and interest. Over 6 years the taxes/insurance went from about 300 to 400 a month.