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Bonnie Fagoh
April 2001
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Questions You Should Ask About Property Taxes Property taxes are a major expense, one which often totals thousands of dollars per year. But property taxes are not the same for like properties or for every owner. Property taxes provide much of the revenue used to fund local and state governments. As property values go up, property tax collections also rise which means additional dollars are available for more public services -- and perhaps even for tax refunds. Alternatively, if property values decline, then government programs tend to be squeezed or there is pressure to raise income and sales taxes to make up for short-falls.
Mortgage RatesU.S. daily averages as of March 30, 2001:
30 yr. fixed: 6.73%15 yr. fixed: 6.30%1 yr. adj: 6.24%30 yr. jumbo: 7.17%
Get today's rates
How much you pay for property taxes depends on the value of your home and also local tax policies. In the usual case, a property value is established by government assessors. Once a value is
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Wondering What Your Home Is Worth?Let me show you.
Use, Don't Abuse Home Equity An increase in quick-qualifier equity loans, low- and no-down payment purchase loans and generally easier mortgage money is draining America's home equity and younger, less experienced home owners are most vulnerable. Experts blame a lack of education and they say marketing designed to lure those who can afford to borrow is also snaring less disciplined borrowers who should avoid over-extending themselves. Home owners lost an average $1,500 in home equity in the past decade, according to "While Home Ownership Rises, Home Equity Stagnates", U.S. Census Bureau data deciphered by Freddie Mac housing economist Frank E. Nothaft for the Consumer Federation of America. Home owners aged 35 to 54 suffered declines ranging from 7.1 percent to 13.8 percent, but older home owners, those aged 55 and older enjoyed equity jumps from 3.4 percent to 6.5 percent from 1989 to 1999, according to the study. Experts are concerned younger home owners are squandering their equity at the expense of their retirement needs. Earlier this year, a Federal Reserve Board survey, "Recent Changes
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Mortgage Options: How Much Of A Gambler Are You? When it comes to choosing a mortgage, your gambling instincts (or lack thereof) may surface. Will you throw caution to the wind with a one-year adjustable-rate mortgage (ARM) or play it safe with a set monthly payment over thirty years? Will you go for more points and less interest, or lower interest but higher costs up-front? No matter what tack you take, there's risk and reward, pro and con, factored into each mortgage choice.. Safe, Yet Costly: The Johnsons have a moderate income and three young children so they want to play it safe by keeping their monthly payments low with a 30-year fixed-rate loan. They're also growing their savings, so putting only 5% down seemed the right approach. But safety comes at a price. Because of their low down payment, they're forced to pay private mortgage insurance (PMI) until they have approximately 20 percent equity in the home. This equates to thousands of dollars of additional expense over the life of the loan which is, unfortunately, not tax deductible. The Johnsons might improve their position by refinancing when they have more equity to get a lower the interest rate and remove the requirement for PMI. Risky, Yet Cost Effective: Sam and Monica Chan are financially savvy baby boomers who have a high-risk threshold and want to save money on their mortgage whenever possible. That's why
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Storage Units: When Enough Isn't Enough Those of us who have never used a storage facility might be tempted to dismiss them as best-suited for pack rats. After all, if you own so much "stuff" that you need to store it away and pay for the privilege, you need to learn the fine art of throwing things away, don't you? Actually, a significant percentage of consumers who rent storage units do so because they're in between residences, a very common scenario in our transient society. If you're faced with a temporary job transfer -- a couple of years, for example -- you may not want to take every last possession to a transitory residence. In such situations, a climate-controlled storage facility is often the wisest solution, enabling you to move to your temporary home without the burden of excess baggage. Another very common use for storage units arises when owners are selling their homes. If you've ever placed your home on the market and opened it to a broker and prospective buyers, you know that their first impressions are often influence whether or not you're going to make a
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Daily News and Advice -->Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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Bonnie Fagoh E-mail: bonniefagoh@century21beggins.com Web: WWW.TAMPACOASTALREALESTATE.COM 813-390-7606
Century 21 Beggins Enterprises813-390-7606 6542 U. S. Hwy. 41 N.Apollo Beach, FL 33572
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