According to Mortgage News Daily, today’s national average rates are as follows:
3.35% for a 15 year fixed conventional rate Annual Percentage Rate 3.635%
4.10% for a 30 year fixed conventional rate Annual Percentage Rate 4.569%
3.80% for a 30 year fixed FHA loan Annual Percentage Rate 4.346%
* % rates are stable - % rates are up - % rates are down
Recently, I did some research regarding homestead portability as it's been coming up a lot lately.
When Florida homeowners move from one primary home to another within two years, the homeowner has the ability to file homestead portability. I've been running many scenarios lately to see the benefits of filing portability. I have noticed that the buyers save a fair amount which makes a move easier and more financially attractive due to the fact that the taxes come in lower than they may have been expecting on their new home. A common statement I have heard is "If I sell my home my taxes will go up.", which stops some people from moving. Well I can tell you that that's not the case. Primary homebuyers will see, in some cases, their taxes go down or be less than they were expecting in a move.
The best way to calculate the portability is to look up the homeowner’s current home on their property appraiser’s website and then click on the portability calculator. You would then enter in the home price that they are looking to buy and the savings will calculate the new taxes.
This is Florida homestead so the portability is used through the entire state and it is not county specific. A homeowner simply files for homestead online or at the county office making sure they let the county know they just sold a home that was homesteaded or is moving from a home that is homesteaded in the event they have chosen to rent their existing home.
I have seen in some cases homeowners save as little as $500 a year and as much as $2500 a year on their new property tax bill. Homestead portability is a benefit homebuyers should know about and can help a lot of buyers make a comfortable financial move.
*Conventional loan terms above are calculated on a purchase price of $250,000 with 20% down and a 720 or higher credit score. FHA is calculated with a 640 credit score and 3.5% down. *The rate is subject to increase or decrease. This is not a loan commitment, nor is it a guarantee of any kind. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. All loans subject to credit approval. Not all applicants will qualify for all loan products offered. All loan programs, terms and interest rates are subject to change without notice. All fees are subject to state and federal high cost thresholds. FL Mortgage Lender License MLD909. Georgia Residential Mortgage Licensee 22114. For all other licenses, visit http://www.nmlsconsumeraccess.org/. Supreme Lending is not a governmental agency or is it affiliated with any governmental agency. © 2012 Everett Financial, Inc. dba Supreme Lending (NMLS ID #2129) at 14801 Quorum Dr., #300, Dallas, TX 75254. All rights reserved.
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