When life gives you lemons, make lemonade!

  • Did you get denied for a refinance after paying for an appraisal?
  • Did you pay less for your home than what the tax assessment is?
  • Do you just want to lower your monthly payments?

Let’s do something about it!

Today I have one idea on how to make sweet lemonade out of some real estate lemons you might have laying around. If this episode was sent to you by a Realtor or loan officer then you know you have a gem. Hold on to them forever because not every real estate professional cares enough to share tips like this with you. They are definitely a keeper.

In today’s video, I explain one simple way to use your appraisal to lower your monthly payments.

Here’s more:

(Watch it on your mobile phone or email reader here)

I am still on the fence with the information that is provided by Zillow.com. There has been a lot of misinformation posted on their site such as you have to have 25% down to get a mortgage. That is just stupid. However I did see a good article today that describes 5 items a new home buyer may not know. So in a leap of faith I will provide the link so you can check it out. It’s a pretty good one! Click here to read the full story!

Also, I want to welcome David Stevens (CEO of the Mortgage Bankers association and previous Head of FHA) to Twitter. I look forward to your tweets. By the way, if you don’t follow him you should. He’s @DavidHStevens and needs some love from the Rates in Motion community.

Now let’s get down to business.

One thing is for sure. If you have a house, you have property taxes. So this applies to anyone who has or wants a house.

If you want to lower your monthly payment without refinancing your mortgage, you need to use your appraisal to dispute your property taxes. Obviously appraised value has been an issue lately on refinance transactions and purchase transactions alike, even more so in certain areas. However, I think a lot of people are missing an opportunity to lower their monthly payments by lowering their property taxes.

If you are purchasing a house, just purchased a house, or are refinancing your mortgage and the appraised value is lower than your assessed value form the county, you need to dispute your real estate taxes.

Here’s what to do.

Take your appraisal (ask your loan officer if you don’t have it) and contact your assessors office to request a reassessment of your house. This goes especially for those of you that got turned down in the last year because of value only (a big lemon). If you can’t refinance because you’re underwater, you better be taking that appraisal that you already paid for and putting it to good use. I have personally done this on investment properties that I bought in foreclosure and held for rentals. When you buy a house at 80,000 that was assessed at $165K, guess what?

Your taxes should go down.

It’s a no brainer. Your lender and realtor should be providing you this information. If they sent this video to you, it’s because they think this may be something you should consider.

Mortgage Bonds are lower again today. The labor market is improving but slowly. We have seen some great gains the past few weeks. Take those gains and lock today. Call your rates in motion approved lender and lock, lock, LOCK!

Today’s rates with no lender fees are 4.5% on a 30 year fixed, 3.75% on a 15 year fixed, and 3.0% on a 5/1 ARM. Click here to get the details and other rates I found today with NO lender fees.

Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!

See you tomorrow!

– Mike

To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.

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