January 2008
Dear Friends:
This is just a quick note to let you know that interest rates are the lowest I have seen in TWO YEARS.
If you have had any thoughts of refinancing, this may be the time to run some hard numbers to see how much you would save.
Here are some reasons you might consider refinancing your current loan:
- You have a a fixed rate loan and can refinance at “NO COST” with a similar term loan at a LOWER rate (seriously, this really is free).
- You have an Adjustable Rate Mortgage, which is about to increase and you want the certainty of a fixed rate loan.
- You have a 1st and 2nd and want to combine them into one loan to lower the payment and simplify the mortgage
- Your home has appreciated over the past few years and you want to get rid of your mortgage insurance, or
- You need a “cash out” refinance to remodel or consolidate debts. If you would like to run specific numbers for your situation, give me a call and we will quickly do that over the phone or email us at: Info@TeamRosales.com and ask for your Free “Refinance Analysis”.
Also, forward this page to your friends and family who may want to talk to me about their situation.
We look forward to helping!
Are you paying too much in Property Taxes?
Should You File an Assessment Appeal?
The County Assessor is responsible for assessing all real and personal property.
Your property was assessed at the time you acquired it (base year value) and possibly reassessed if you made improvements like adding a room or a pool, or if the title to your property changed in some way (adjusted base values). The Assessor’s statement of your property’s taxable value is what is called the "roll value."
As of January 1 of each year (referred to as the lien date), the Assessor, if warranted, reviews the value of your property to ensure that it is at "taxable market value" and makes any necessary adjustments. The Assessor then turns the final roll over to the Auditor on June 30. The roll reflects all upward or downward value adjustments and is used to prepare your tax bill for the upcoming fiscal year (July 1 – June 30).
Each year, after the final roll is established by the Assessor, postcards or letters are sent to all property owners advising them of the current value of their properties. They are further advised that if they disagree with the value imposed by the Assessor they may file "An Application for Changed Assessment" with the Clerk of the Board during the Regular Filing Period of July 2 – September 15 or December 30 (depending on county).
It is important to review the Assessor’s enrolled value of your property at this time to insure that you agree with the roll value. If homes in your area of the same size, condition and type have "sold" for less than the Assessor’s Roll Value, you may have a valid assessment appeal. Presenting your case to the Assessment Appeals Board will require the submission of this type of evidence to support your opinion of lower value.
Be careful not to take blanket statements such as, "Property Values Have Plummeted" as factual data referring to your specific property. Proposition 13 imposes standards for valuing property in California which eliminates group or neighborhood valuing. Therefore, the value of your property usually has nothing to do with the value of your neighbor’s property, and your property value may not be affected during a market decline. Additionally, be cautious of speculative statements which refer to events in the future causing property declines. Factual evidence is based upon the market conditions that existed on the lien date not future speculation.
If you believe your property value is incorrect after reviewing your roll value and factual evidence, then it is time you start doing a little research!
Please utilize the links below to find out you can save money! And when you are ready to move forward we can put you in touch with our Appraisal Partners for a FREE value consultation. That way, you can be sure to have the facutal evidence of value you will need.
This information is intended only as a general guide to assist you in determining whether or not to file the most common type of appeal, a regular "decline in value" (Prop 8). It does not address all the requirements or assessment types.
San Bernardino County Links
Orange County Links
Riverside County Links
Los Angeles County Links
Here Is Another Way To Save Money On Your Monthly Mortgage Payment!
If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 - which became effective in 1999 - establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. These protections apply to certain home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. These protections do not apply to government-insured FHA or VA loans or to loans with lender-paid PMI.
For home mortgages signed on or after July 29, 1999, your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current.
One exception is if your loan is "high-risk." Another is if you have not been current on your payments within the year prior to the time for termination or cancellation. A third is if you have other liens on your property. For these loans, your PMI may continue. Ask your lender or mortgage servicer (a company that collects your payments) for more information about these requirements.
If you signed your mortgage before July 29, 1999, you can ask to have the PMI canceled once you exceed 20 percent equity in your home. But federal law does not require your lender or mortgage servicer to cancel the insurance.
On a $100,000 loan with 10 percent down ($10,000), PMI might cost you $40 a month. If you can cancel the PMI, you can save $480 a year and many thousands of dollars over the loan. Check your annual escrow account statement or call your lender to find out exactly how much PMI is costing you each year.
Additional provisions in the law
- New borrowers covered by the law must be told - at closing and once a year - about PMI termination and cancellation.
- Mortgage servicers must provide a telephone number for all their mortgage borrowers to call for information about termination and cancellation of PMI.
- Even though the law's termination and cancellation rights do not cover loans that were signed before July 29, 1999, or loans with lender-paid PMI signed on any date, lenders or mortgage servicers must tell borrowers about the termination or cancellation rights they may otherwise have under those loans (such as rights established by the contract or state law).
Next Steps
Some states may have laws that apply to early termination or cancellation of PMI - even if you signed your mortgage before July 29, 1999. Call your state consumer protection agency for more information about your state's rules. Fannie Mae and Freddie Mac, which buy home mortgages from lenders, also may have guidelines affecting termination or cancellation of PMI on home mortgages signed before July 29, 1999. Check with your lender or mortgage servicer, or call Fannie Mae or Freddie Mac, for more information.
Contact your lender or mortgage servicer to learn whether you're paying PMI. If you are, ask how and when it can be terminated or canceled.
For More Information
The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad
