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What Happens to Your Mortgage When You Buy Late in the Year? 🗓️🏡
Buying in December can feel different — especially when it comes to property taxes, escrow, and your first year of homeownership. Here’s what most buyers don’t realize:
When you purchase late in the year, the seller typically provides a property tax proration credit at closing for their share of the year. This helps offset the upcoming tax bill so you’re not covering the full year alone. 💰📑
(Exact amounts vary — always review with your lender, title company, or tax professional.)
Even though taxes aren’t due until January, your lender will still begin building your escrow account immediately. They may collect a few extra months of taxes and insurance upfront to ensure enough is available when bills are due — normal for Texas closings and not a December-specific increase. 🧾🏦
If the home will be your primary residence, you can typically apply for your Texas Homestead Exemption starting January 1. This exemption can reduce your taxable value and may lower future escrow payments after your lender’s annual review. 🏠📉
Bottom line: Buying late in the year doesn’t complicate your mortgage — it just shifts how tax credits, prorations, and escrow setup are handled. In some cases, it may even reduce your upfront costs at closing. ✨
(Always verify specifics with your lender, title company, or tax professional.)
Thinking about making a move before the year ends — or planning ahead for 2025? Let’s walk through your numbers and build a strategy that makes sense for you. 📊🤝
Jo Ann Casas, REALTOR®
Casas Realty Group | brokered by eXp Realty
📞 361-445-8406 | ✉️ [email protected]
✨ Think Homes! Think Casas! ✨
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