JTS Mortgage Minute 2/25/20 - Homestead Exemption

Jeff Farnham of JTS & Co.

Mortgage Professionals discusses the value of requesting a homestead exemption to decrease your property tax bill and how you can go about applying for it.

Good morning, i'm jeff farnham cg: file for homestead exemption 1.

If you purchased a home in 2019 now is the time to go file for homestead exemption.

2.

You need to do this at your local tax office by april 1st.

3.

Homestead exemption is available upon request, to homeowners who reside and pay all local and state taxes in the taxing district.

4.

To apply you will need the filed warranty deed, your settlement statement showing the cost of the home, social security numbers of all parties on the deed and their spouses, and all of your license tag numbers.

5.

It is not necessary to reapply each year unless a change has occurred such as a death, divorce, marriage, or a sale of a portion of the homestead property.

6.

Filing for homestead exemption is beneficial because it can save you on your property tax bill.

7.

Most mortgages include an escrow account for property taxes and homeowner's insurance.

8.

So, if either of these amounts change, it affects your monthly mortgage payment.

9.

Once you file, be sure to send the paperwork in to your lender so they will know you have filed and that they need to change your payment accordingly.

10.

The instructions to send this in can be found on the back of your monthly mortgage statement, or online.

ááááááááááááááááááááááááááááá ááááááááááááááá cg: housing update 11.

There could be some good news on the way for homeowners and buyers with a growing likelihood of the fed cutting interest rates in march.

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The financial markets have been anticipating that the fed could make several rate cuts if the us economy requires stimulus.

13.

The coronavirus exposure could tip the balance, although it doesn't automatically mean a cut is in our near future.

ááááááááááááááááááááááááááááá ááááááááááááááá 14.

Low rates continue to be a key driver of consumer optimism about both current homebuying and home-selling conditions.

15.

Favorable views on job security and personal financial expectations reflect the strength of the labor market, which we believe will continue to bolster housing demand.

16.

Wages grew over 3% year-over- year and the latest employment stats continue to support expectations for the us housing market.

17.

The net share of americans who say it is a good time to buy a home rose to 59% in january.

18.

The desire to own a home of your own has not changed over generations.

19.

But the array of loan options available today, both in loan types and down payment requirements, has changed significantly.

20.

One persistent misconception is that a 20% down payment is needed to purchase a home.

21.

The truth is, there are loan types and down payment options available that require 5% or less.

22.

Consulting with your lifetime mortgage advisor at jts & co.

Is always the best first step in purchasing a home.

23.

We have local knowledge of the area, and the different loan options that could fit your specific needs.

ááááááááááááááááááááááááááááá ááááááááááááááá cg: local is best!

24.

If you're in the market to purchase, refinance, renovate or build a home, jts & co.

Is here to help you.

25.

We are local.

Trusted.

And experienced and we care about your home buying experience.

26.

There is more to a mortgage than just pushing a button.

Thank you for joining me today, be sure to tune in next week!