Mortgage Rates Hold at Yearly Low This Week

The 30-year fixed-rate mortgage is heading into the holiday weekend at its yearly low, giving home shoppers and home owners another opportunity to snag the lowest rate of the year, Freddie Mac reports in its weekly mortgage market survey. Continue reading “Mortgage Rates Hold at Yearly Low This Week”

Who Pays America’s Highest (and Lowest) Property Taxes?

Who Pays America’s Highest (and Lowest) Property Taxes?

The second biggest cost of home ownership—following the mortgage—is usually property taxes. In 2012, U.S. homeowners paid an average of about $2,800 in property taxes, according to a recent Zillow study. And if you live in New York, New Jersey, or Colorado your taxes were in some cases five times more than the national average. The numbers are based on an average of real estate taxes paid on single family housing in 2012.

The residents of Westchester County in New York pay more in property taxes than the typical resident of any other major American county. The average property tax bill for a single family home in Westchester County comes to $14,829 a year.

Want to know how your county stacks up against the rest of the country? Check out our rankings below.Adjusting for the average cost of single-family homes in each county, homeowners in Allegany County, NY win the award for the highest property tax burden. The average tax obligation of $2,549 in Allegany County amounts to 3.8 percent of the average single family home value; in Westchester County, the average tax obligation is slightly lower, at 2.5 percent of the county’s average home value. Nationally, the typical homeowner is spending approximately 1.4 percent of their home’s value on annual property taxes. See the full rankings below.

Highest Property Taxes as a Percent of Home Value

Allegany County, N.Y. (3.76 percent)
Milwaukee County, Wis. (3.68 percent)
Kendall County, Ill. (3.57 percent)
Sullivan County, N.Y. (3.56 percent)
Orleans County, N.Y. (3.49 percent)Lowest Property Taxes as a Percent of Home Value
Caroline County, Va.( 0.17 percent)
Catahoula County, La. and Randolph Ariz, (0.2 percent)
Iberville County, La. and Cumberland County, Tenn. (0.21 percent)
Butler County, Penn. and Maui County, Hawaii (0.22 percent)
Elmore County, Ala. and De Soto County, La. (0.23 percent)

For the complete article, click here.

Property tax rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If you want to know the property tax rates in the Lake Norman area send me an email or contact me at the number below.

Janet Shawgo
Realtor®/Broker
The Lake Norman Homes Team
Southern Homes of The Carolinas
www.LakeNormanNCRealEstate.com
704-657-0838

Fixed Mortgage Rates Tick Down

Recently, Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down slightly as we head into the spring home buying season.”Mortgage rates eased a bit following the decline in 10-year Treasury yields,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.” Continue reading “Fixed Mortgage Rates Tick Down”

Can You Still Buy A Home With A Zero Down Mortgage?

Are you considering buying a home this year? Most would have you believe that you need at least a 3.5% down payment to get a mortgage. But there are actually a few ways you can get a home with a zero down mortgage.

Here’s what you’ll need to get the keys: a good credit score — a 640 or better with a clean payment history; consistent income, with a solid work history for at least the past two years; and an ability to afford a mortgage payment.

Conventional Loans

What it is: In order to buy a house with a conventional loan, you’ll need at least a 5% down payment. The 5% down payment can come in the form of a gift, and you no longer need to have a minimum contribution to the down payment. The entire down payment can be a gift as long as you’re buying a single-family home. And single-pay mortgage insurance is a little-known benefit that simply allows you to pay a portion of the future years’ PMI payments upfront in one lump sum at close of escrow. Typically, you’re required to have private mortgage insurance (PMI) when you have less than 20% equity on a refinance or less than a 20% down payment when buying a home. Continue reading “Can You Still Buy A Home With A Zero Down Mortgage?”