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Appealing Your Property Taxes In Pima County Arizona

On December 18, 2008, in Real Estate Information, by Tyler Ford | View Comments

pima-county-assors-office

 

Lately I have been getting a ton a calls in regards to this question:

“My property value has gone down but my property taxes have not gone down. How can I get my property taxes reduced to reflect its current value?”

This is a great question and yes something can be done to lower your property taxes. It is a process but worth doing.

A couple of years ago I went through the process and was able to get my property taxes lower.

All the info you need to know about appealing your property taxes is on the Pima County Assessor’s Office website. The appeal need to happen between January 1 to March 1 for the next tax year. So now is the time to start the process.  For more info on how the process works  simply click here.

There are also services that will appeal your property taxes for you for a small fee. Google “appealing property taxes in pima county az“  and a list of these service providers will come up on the right side of the page under the sponsored links.

You’ll Get The Best Mortgage Rates If You Watch Certain Patterns

On December 18, 2008, in Interest Rates, by admin | View Comments

The FOMC spurred inflation concerns at its December 15-16, 2008 meeting.When it comes to mortgage rates, sometimes it’s better to “act now”.

On Tuesday, mortgage rates fell to their lowest levels in 4 years. It happened because the Fed said it would “employ all available tools” to resuscitate the economy.

On Wednesday, however, the markets had second thoughts.

After considering the long-term implications of a near-zero percent Fed Funds Rate and the cumulative cost of government intervention to-date, suddenly, traders grew fearful that U.S. government action would devalue the dollar and lead to inflation — the enemy of low mortgage rates.

As a result, mortgage markets unwound.

At first, the exit was a slow and orderly. Then, without warning, investors began a full-on sprint for the exits. By the end of the day, mortgage rates were higher by as much as a half-percent. Nearly all of Tuesday’s big gains were erased.

In hindsight, the reversal Wednesday wasn’t all that surprising — it’s the same trading pattern we’ve seen twice already this year. The first time was after the Fed’s “surprise” rate cut” in January, and the second time was after the federal takeover of Fannie Mae and Freddie Mac in September.

Sharp rate drops tend to be followed by immediate bounce-backs, it seems.

But, unfortunately, not every would-be refinancing homeowner saw the increase coming. While those that locked at the first opportunity to save money are sitting pretty today, the rest that “waited for rates to go lower” are likely kicking themselves about it.

Going forward, mortgage rates may fall, or they may not. We can’t possibly know. But we’ve now seen the pattern 3 times now — when mortgage rates plunge like they did Tuesday, they rarely stay that low for long. When you find a rate you like, get in and get locked as soon as possible.

Sleeping on it for even one night may end up costing you dearly. Give Tyler Ford and Todd Abelson of Sunstreet Mortgage a call to see if refinancing makes since for you. We are Tucson’s top mortgage lending team and will put your best interests first!

(Image courtesy: The New York Times)

tyler ford and todd abelson

Who Else Wants To Refinance To A Lower Interest Rate?

On December 17, 2008, in Interest Rates, by admin | View Comments

refinance_logo

ATTENTION TUCSON HOME OWNERS !

30 year fixed rates are currently below 5%!

Did you know you pay more towards principle and build equity quicker with a lower interest rate?

Take advantage of historically low interest rates by refinancing today. You will saving thousands of dollars over the life of your loan.

Give Tyler Ford and Todd Abelson of Sunstreet Mortgage a call today by dialing 331-LEND (5363) for a FREE refinance analysis. We will prepared a detailed break down of what your monthly savings would be should you refinance plus show you how much you will save over the life of your loan.

There is no obligation! Give us a call today. We will beat Wells Fargo, Country Wide, Long Mortgage, Nova, or any other lender in Tucson.

Mortgage Markets In Review : December 15, 2008

On December 15, 2008, in Market News, by admin | View Comments

Retail Sales fell in November 2008Mortgage markets improved last week, riding a steady stream of negative news into its best levels of the year. 

Day-to-day, mortgage rates priced across a very wide range, but managed to close out the week lower overall.

Mortgage rates improving on “bad news” is a break from the trading patterns of September and October.  Back then, even the slightly evidence of a recession caused mortgage rates to soar. 

Now, however, markets have accepted economic weakness and have started to look to the future.  Not even sagging retail sales and the rising ranks of the unemployed could quell market optimism. 

Indeed, the incoming administration may be leading the sudden sentiment shift; its stimulus package is expected to top $1 trillion over the next 24 months and put thousands of unemployed Americans back to work.  The widespread press coverage of this story may be one reason why Consumer Sentiment rose off its all-time low, despite the economic evidence that tougher times may still be ahead.

So, as markets shift their attention away from fundamentals and towards the government, mortgage rates are benefiting and refinance activity is gaining steam.

This week, the government should be the top story again.  On Tuesday, the Federal Open Market Committee will adjourn from its 2-day meeting and is widely expected to lower the Fed Funds Rate by a half-percent to an all-time low of 0.500 percent.  This move, too, is meant to stimulate the economy.

But it won’t be what the Fed does that matters; it will be what the Fed says. 

In the 2:15 P.M. press release, Fed Chairman Ben Bernanke is expected to outline measures by which the Federal Reserve will stabilize the economy.  If markets consider the moves to be “enough”, stock markets should soar and mortgage rates should suffer.  However, there may be specific verbiage for providing mortgage relief, in which case, mortgage rates would fall.

Other noteworthy data scheduled for this week include the Cost of Living Index and Housing Starts, but neither should matter much to mortgage rates.  For now, it’s all eyes on the government.

(Image courtesy: The Wall Street Journal Online)

Simple Real Estate Definitions : Refinance

On December 12, 2008, in Interest Rates, by Tyler Ford | View Comments

The 1003 -- a mortgage applicationA mortgage is a contract between a bank and borrower, defining the terms by which a home loan must be repaid. 

The paperwork, signed by both parties, includes provisions for things like:

  • The interest rate
  • The length of the loan
  • The amount of money to be borrowed

But, like all loans, a mortgage loan can be paid off at any time.  So, when market interest rates fall, homeowners will often exercise their right to an “early payoff” by securing a new loan that pays off the old one.

This process is most commonly known as a refinance.

A refinance is the changing of the loan terms against a property, often for a better interest rate or a lower monthly payment.  When the refinance process is complete, the original lender’s loan is paid in full using the money from the new lender’s loan and the former’s relationship is officially terminated.

There’s no rule against how many times a person can refinance, nor is there an easy way to determine whether or not a refinance makes sense.  In general, if you can reduce your monthly payment while limiting your closing costs, to refinance is a smart decision. 

However, there are other reasons to refinance, too, including:

  1. To convert from an ARM into a fixed rate mortgage (or vice versa)
  2. To extract equity for paying off third-party debts or for cash
  3. To extend a loan from 15 years to 30 year for payment relief

Because there are fewer third-parties involved with a refinance, it’s often simpler and less expensive than a comparable purchase transaction.  The paperwork stack is often smaller, too.

Rates have moved down sharply and are now at historic lows. Give Tyler Ford or Todd Abelson a call today to see if a refinance makes since for you. Call 520-331-LEND (5363)

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