Want to no if the taxes and insurance is included in the interest only loan?

Question

Want to no if the taxes and insurance is included in the interest only loan?

Answer 1

It depends on how it is structured.  When you set it up, you can decide how you want to handle it.

Answer 2

If they quote a monthly payment, that would not include tax/insurance unless they say it does.  It would be impossible to know that exactly unless you are obtaining a loan for a known property and have already gotten quotes for property insurance.

Answer 3

Taxes and insurance are NEVER included in a loan.  Sometimes, however, the lender will set up a seperate escrow account to collect taxes and insurance.  

You'll have to ask your lender or check the papers to be sure.  Generally, if you have less than 20% equity in the property, they WANT to escrow for you.

Answer 4

normally it isn't. double check with the loan company.