Closing Cost for prepaid Property Tax (10 months)
Hello
I have closed my first investment property last Sep. Noticed my loan lender closing cost details shows they charged 10Months Property tax prepaid. My question is why do i have to pay 10Months property tax in advance? My each month mortgage payment is already included Property tax and Insurance. I am asking lender(better.com) but haven't heard any answer yet.
Appreciate any help.