Taxes
You should be able to find the current tax amount on each home’s sale listing. If looking in Ocean City, the tax rate is about $.97 on every $1,000. Because many houses are selling for above their appraised value, if you cannot find the exact tax rate, calculate 75% of the sales price to find the estimated appraised value and then calculate less than 1%.
Example:
~So if a house is selling for $900,000,
~75% would be $675,000
~Less than 1% would give you an estimated $6,500/year in taxes
Mortgage Rate
Mortgage rates changes bi-weekly. So let me give you a few of my favorite lenders websites to find the current interest rate. When calculating the interest rate in your loan, use the APR %. The rate itself will be lower but the APR will become your actual loan rate.
Guarantee Rate
Ocean First
Valley National Bank
After you calculate your monthly mortgage commitment, head over to the next page, “Closing Costs” to determine your out of pocket costs to buying a home on top of your mortgage down payment.