#shorts
After closing on a home, you're likely to get a supplemental tax bill which is basically the difference in tax between the old and new assessed value of the property. The assessed value is changed upon a sale or transfer to a 3rd party. Many borrowers get confused if they impound taxes and insurance, meaning these items are now paid by the lender after closing which is true. However, supplemental tax bills are not included in impounds and are the responsibility of the borrower. Feel free to reach out with any lending scenarios! :)
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Disclaimer: All content on Zevi Shafran's YouTube channel reflects my personal opinions and should NOT be taken as legal advice, financial advice, or investment advice. In addition, all financing scenarios are unique and must be analyzed accordingly. The interest rate market changes daily. I highly recommend to always seek guidance from properly licensed professionals as it pertains to all financial commitments. Lastly, some links in the description may be affiliate links.
