So you're finally purchasing that new home since the price is down or your ARM Loan's Adjustable Rate is about to jump so you're going to finally get a new mortgage. Well, you are in luck if you are going to start your transaction right now!
Why? This is the ideal time of year to start the process of a Mortgage.
In Florida, property taxes are paid in arrears. This means you pay at the end of the year for the prior year. (Insurance is paid in advance, you pay your policy to cover you for the upcoming year) Also, you receive a 4% discount for paying your annual property taxes in November.
So if you close on a mortgage in August, September or October, you end up paying an entire year of property taxes at the closing table! With Florida property values and our crazy tax system, this can be a hefty sum. On top of this, you have to "seed" your escrow accounts with approximately 2 months of payments for taxes and escrows.
To learn how your mortgage broker can help you save money at the closing table, follow this link to my main website to read all about it:
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David different times of the year bring different advantages to buying. This is a very good reason why Buyers should deal with a local Loan Officer/Broker, because they know the advantages and disadvantages for their area, where as someone from out of State might not be familiar with the way things are done locally.
David, Great post. What a great idea for a post just upset I did not think about it first. :-)
George - you are a gentleman and a scholar!
Matt - yeah... too bad :)
David - this information, may not be obvious to an average buyer. By giving them this tip, you are are already saving them money. If I was a buyer and found your post, you would immediately be at the top of my list of mortgage brokers.
Faina - thank you very much! Let's network with some of your clients with second homes down here!