Property tax is a tax levied by state or local governments on real property. Most homeowners have to pay an annual tax based on the value of their home. This cost should be considered when deciding whether or not a borrower can afford a home. It is also known as a "real estate tax".
Direct Mortgage's online system allows you to enter your expected monthly property tax (just take the annual amount and divide by twelve) and easily compare loan programs based on what your total monthly housing payment will be.
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