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Monthly Mortgage Payments As the term suggests, these payments
are made once a month, usually between the last day of the month and the 7th day of the following month.
Either way, with this option you make 12 equal monthly payments on your mortgage. The payments include principal and interest payments.
If you opted for your financial institution to pay the property taxes for you, your payment will also include a monthly portion set aside for property taxes.
The alternative to the bank deducting your property taxes is to enroll in your city’s TIPP Program.The TIPP program allows you to pay your property taxes in monthly installments, much the same way that your financial institution will do.
The benefit of using the TIPP program is that if you decide to switch your mortgage to another financial institution, you will not have to be concerned about your property taxes and the transfer of the amount from one financial institution to another. The City will continue to deduct your payments each month.
Learn more about other payment options, before deciding on monthly payments, Another option may be better suited for your situation. If you would like to speak to one of our professionals, about your payment and pre-payment options, please
contact us, for a no obligation consultation.
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