Loan Officer Bruce
Loan OfficerForum Replies Created
-
rMotgage lenders may use lender credit to help borrowers with their closing costs. This is what you need to know about them:
Definition: A lender credit is money the mortgage lender gives to pay for some or all of the borrower’s closing costs.
How it works: If you accept a higher interest rate on your mortgage, the lender agrees to cover part of your closing expenses. This means that while you’ll have lower upfront charges, monthly payments over the life of your loan will be more expensive.
Amount of credit: It can be anything from a few hundred dollars up to several thousand, depending on the size of the loan and the interest rate increase.
Interest rate trade-off: For every 0.25% your interest rate increases, expect around 1% of credit relative to the borrowing amount.
For example: On $200k borrowed at 3.5%, a 0.25% increase would give $2k in credits.
Benefits: Less money is required when finalizing the purchase. Assists people who are tight on cash but can handle slightly elevated monthly payments. This is especially helpful in hot markets where sellers like buyers with lower closing costs.
Considerations: Higher rates mean larger monthly sums paid out as well as more total interest across the loan lifetime. It is not ideal for those not intending to move from this property anytime soon.
Calculation example: Without lender credit:
Loan amount: $200,000
Interest rate: 3.5%
Monthly payment: $898
Closing costs: $5,000 (paid by borrower)
With lender credit:
Loan amount: $200,000
Interest rate: 3.75% (0.25% higher)
Monthly payment: $926 ($28 per month more)
Closing costs: $3,000 ($2,000 paid by lender)
When it’s most useful: When funds are low for closing.
In a seller’s market, reducing your closing costs strengthens the offer.
If you plan to sell or refinance within a few years.
How to get a lender credit: Ask the lender about credits.
Get offers from different lenders and compare.
Work out terms that give enough credit without sacrificing too much in rate.
Alternative to paying points: Lender credits are essentially the opposite of paying discount points
Instead of paying to lower your rate, you’re accepting a higher rate for upfront savings. Remember, choose what’s best for you based on how this fits into your financial situation, how long until the out date, and your ability to cover upfront costs. Always calculate eventual expenses versus immediate gains.
-
This is a serious allegation regarding property tax assessments in Jackson City, Missouri. Here’s an overview of the situation and some potential steps for homeowners:
- Understanding the issue:
- Property tax assessment fraud involves deliberately inflating property values to increase tax revenue.
- This can result in homeowners paying unfairly high property taxes.
- Potential impacts:
- Higher property taxes for homeowners
- Reduced affordability in the area
- Potential legal issues for the city if proven
- Steps for homeowners: a) Verify the assessment:
- Compare your property’s assessed value to similar properties in the area
- Check for any errors in the property description or classification
- Most jurisdictions have a formal appeal process for property tax assessments
- Gather evidence to support your claim of overvaluation
- Consider hiring a property tax consultant or real estate attorney
- They can help navigate the appeal process and provide expert testimony if needed
- Reach out to city council members or county commissioners
- Organize with other affected homeowners to bring attention to the issue
- If fraud is suspected, contact the Missouri State Auditor’s Office
- Consider reaching out to state-level elected representatives
- Legal considerations:
- If widespread fraud is proven, it could lead to class-action lawsuits
- Individual homeowners might have grounds for legal action if they can prove deliberate overvaluation
- Long-term solutions:
- Advocate for more transparent assessment processes
- Push for regular audits of the assessor’s office
- Support measures to improve oversight of property tax assessments
- Media attention:
- Consider contacting local media to investigate and report on the issue
- Increased public awareness can put pressure on officials to address the problem
b) File an appeal:
c) Seek professional help:
d) Contact local representatives:
e) Report to higher authorities:
Remember, while it’s important to address unfair assessments, it’s also crucial to ensure that any allegations of fraud are well-substantiated. Homeowners should focus on gathering concrete evidence and following proper legal and administrative channels to address their concerns.
If you’re personally affected by this situation, consider consulting with a local real estate attorney or property tax expert who can provide advice tailored to your specific circumstances and the local laws in Jackson City, Missouri.
-
This reply was modified 7 months, 2 weeks ago by
Sapna Sharma.
-
What industry are you able to lend ?
-
This reply was modified 3 weeks, 6 days ago by Sapna Sharma.
-
This reply was modified 2 weeks ago by Sapna Sharma.
-
This reply was modified 3 weeks, 6 days ago by
-
The Chicago area has seen various variations in property tax reassessments from county to county. Some saw big jumps, while others remained calm.
Cook County: For the first time in 30 years, Cook County’s South and Southwest suburbs have been hit with enormous property tax increases during this reassessment period. In these areas, the business share of total taxes fell by 4%, shifting it onto residential properties, whose owners now pay over four times more than their counterparts in similarly valued homes elsewhere in Chicago (e.g., Ford Heights). The average bill has climbed to $6,117 after adding up all taxed properties within its boundaries, representing about $706 million in additional revenue for local governments across the board (WTTW News) (Cook County Assessor).
Moderate Increases:
Kane County: Homeowners living there experienced moderate increases, but no specific information on the percentage was given.
Kendall County: Unlike Cook County, where different factors were at play, leading to higher assessments, the equalization factors increased by Kendall did not change from 1.0000, meaning nothing much changed concerning property tax assessment for this year (Hoodline).
DeKalb County: Proposed tax hikes over the rollback millage rate showed an increase of 11.08% due to increased demand for local services delivery coupled with infrastructural development needs (Dekalb County, GA).
General Trends:
DuPage McHenry Will Grundy Lake Counties: These counties are usually assessed every few years. Although the reviewed sources did not provide exact details about their recent changes, it is worth noting that such periodic reviews can result from shifts in either market values or budgets required to meet operational costs at various levels, including schools, districts, municipalities, etcetera.
Commercial Property Owners’ Successful Appeals Shifted Tax Burden toward Residential Properties. The primary reason homeowners have borne a heavier burden during these difficult financial times is that commercial property owners successfully appealed their assessed values, thus shifting taxes away from businesses onto houses instead (Cook County Assessor).
Rising housing prices coupled with post-pandemic realignment brought about reopening after COVID-19 closures forced many people out into cheaper neighborhoods. Supply exceeded demand, driving up costs again as investors sought rentals rather than flips to make quick profits. However, wages stagnated behind inflationary pressures pushed up by easy money policies adopted globally since the 2008 financial crisis began unraveling slowly but surely, exposing structural weaknesses built up over decades. Unsustainable booms and bust cycles always end badly eventually, so buckle down and prepare yourself because winter is coming!
-
Important Information and Strategies Regarding Illinois Property Taxes.
Illinois Property Tax Cap
Illinois does not impose a statewide cap on how much property taxes can rise yearly, but some counties and municipalities have their limits. For example, in certain areas, the Property Tax Extension Limitation Law (PTELL) restricts increases in property tax extensions to either 5% or the inflation rate, whichever is lower.
Age-Based Property Tax Exemptions
In Illinois, seniors are entitled to exemptions from property taxes, which only partially eliminate those taxes. The Senior Citizens Homestead Exemption reduces the equalized assessed value of a home owned by persons aged 65 years or older. Under the Senior Citizens Assessment Freeze Exemption, the assessed value can be frozen if household income falls below certain levels.
Although there is no age at which all types of property tax are stopped, individuals may significantly reduce their financial obligations towards such payments.
Fighting Against High Property Tax Reassessment
To contest an assessment made on your property by Cook County Board’s Assessor, please follow these steps:
- Review Assessment Notice: Check that everything mentioned within it is correct.
- File an Appeal: Lodge your appeal with either the Cook County Assessor’s Office or the Board of Review before the deadline expires.
- Gathering Evidence: Take recent sale prices of comparable properties along with descriptions and pictures as proof.
- Professional Help: If necessary, hire a consultant specializing in real estate law who will guide you through this process (Home Buying Institute).
Effects Of A 41 Percent Increase By The Cook County Assessor’s Office
A huge jump like 41 percent might mean massive changes in what will eventually appear on our bills unless something else happens. This includes such as adjusting rates accordingly when necessary. This could otherwise lead us into trouble since we would be forced to pay more than we should have otherwise.
For instance, let’s say that my house was previously valued at $200k. It’s worth $282k after reassessment, so I will have a higher tax bill because the state doesn’t care whether I can afford it.
Why Do Property Values And Taxes Go Up?
There are various reasons behind these phenomena. This includes increased market values caused by high demand coupled with favorable conditions for buyers and sellers alike. Local governments are spending much money, mainly on taxes, against their jurisdictions’ real estate holdings. Periodic reviews are done periodically, and appraisers update records reflecting changes over time regarding fair market value estimates applicable throughout the area served by said assessor office(s) involved today.
Chicago Suburbs Homeowners Impact
The reassessment should see significant property tax bills increase from homeowners around cities such as Chicago and surrounding suburbs. This is because they reflect rising costs associated with providing public services needed due mainly to growing populations residing therein together with other factors too numerous mention here but obvious nonetheless.
Options If You Can’t Afford The Increase
Some counties allow people who cannot afford steep hikes in their annual tax payment options to be available through a limited scope. Options include installing installment plans. Installment plans work when one pays off debt gradually over time instead of all at once upfront. Additionally, perks provided under various programs specifically targeting low-income households should be explored before considering selling off valuable assets acquired through hard work over many years. The only option left would involve moving out altogether. Moving out isn’t an ideal situation for anybody who wants to find themselves facing ever again after realizing what happened next door neighbors last summer. Last summer when prices skyrocketed overnight without warning signs anywhere near-visible and anywhere near during daylight hours. Either way, we possibly avoid becoming victims ourselves. As long we keep our eyes peeled and watch closely for any changes happening around constantly vigilant and always ready to act fast before it’s too late.
Avoiding Paying Property Taxes In Illinois is Completely Impossible.
However, There Are Ways To Manage the Burden. One example is moving somewhere cheaper and lifestyle changes.
National Property Tax Comparison
Few states can match Illinois’ property tax rates, the primary source of funds for local services and education.
Owner-Occupant vs. Investment Property Taxes
Owner-occupant: Can qualify for homestead exemptions and other relief.
Investment property: Typically taxed at a higher rate without owner-occupant exemptions.
In Summary of Reassessment of Property Values in Illinois
For homeowners in Cook County and other high-tax areas of Illinois, understanding property taxes is important. Awareness of reassessment procedures, available exemptions, and appeal options will help reduce your overall tax burden.
It’s best to consult with a lawyer or professional specializing in property taxes to get specific advice tailored to your case.
-
Lowering the total credit usage ratio is important to enhance credit scores, particularly for mortgages. Here’s a plan:
General Strategy:
The aim is to reduce overall utilization below 30%, preferably less than 10%.
Priority:
Start with cards closest to their limits first, regardless of the limit amount. This method will reduce individual card utilization faster.
Specific Suggestions:
Begin with these cards (100% or close to 100% utilized):
- Discover ($498/$500).
- Capital One ($470/$500).
- Credit One ($490/$500).
- Trump Card ($4,000/$4000).
- Credit Plus ($3,490/$3,500).
- Mission Lane ($1498/$1,500).
Then move on:
- Self Visa ($1,500/$1,490) has exceeded the limit and should be dealt with quickly.
- Journey Card ($2,130/$2,200).
- Buddy Visa ($1,500/$1,600).
Balancing Act:
Paying off smaller balance cards is a quick win. However, attacking larger balance ones (like Trump Card & Credit Plus) will have a greater impact on the overall utilization ratio.
Target Utilization:
Aim to get each card under 30% utilization, then work for 10% or less.
Alternative Strategies:
Ask for credit limit increases on cards showing good payment history.
Consider consolidating some balances with a personal loan, which could improve the credit mix and lower utilization.
Timing:
Credit score updates can be fast once balances are reported. Most card issuers report to bureaus monthly, often on statement closing date(s).
Consistency:
Keep consistently low balances. Don’t let them creep back up after paying down.
Remember:
This approach concentrates on usage. Maintaining a perfect payment record is also very important. Low usage combined with a perfect payment history should significantly boost your score.
Given the current middle score of 525 and the goal 640, achieving the target might take several months of consistent balance reduction plus perfect payments. Regularly monitor progress and adjust strategy as necessary.
-
Differences Between AXEN Mortgage and NEXA Mortgage
Ownership and Coverage in Common
The same people own AXEN Mortgage and NEXA Mortgage, two of America’s largest mortgage brokers, licensed in 48 states plus DC, Puerto Rico, and the US Virgin Islands.
NEXA Mortgage
Summary:
Established: In 2017, Michael Kortas, the CEO and President of NEXA and AXEN Mortgage, founded the company to offer various mortgages and superior service.
Size and Reach: Amongst the biggest mortgage brokers nationwide, they have extensive licensing throughout multiple states and territories.
Services:
Product Offerings: NEXA Mortgage offers a broad range of loan products, such as conventional, FHA, VA, USDA, jumbo loans, and non-QM (non-qualified mortgage) products.
Customer Service: This company emphasizes excellent customer service and support and endeavors to make it easier for borrowers by simplifying their mortgage process.
Technology and Innovation: It has adopted advanced technology platforms that integrate home financing applications with approvals to accelerate this procedure while making it efficient and, thus, user-friendly.
Target Market:
Various Borrowers’ Profiles: This program targets different types of borrowers, from first-time homeownership programs to experienced investors’ portfolio management needs.
National Reachability: Wide coverage across USA mainland territories like Puerto Rico or even further southwards towards the US Virgin Islands, where accessibility remains high mainly because many people live there permanently. Hence, demand tends to be higher there than elsewhere, too far away from continental landmasses, thus making it difficult to get these services.
-
Tommy and Maria: An Account of Unyielding Allegiance
The Connection Amidst Tommy And Maria
In the village of San Donaci, located in the province of Brindisi, Italy, an elderly Italian woman named Maria Lochi adopted a German Shepherd named Tommy. She discovered him as a stray dog and took him home, where she loved, cared for, and sheltered him. They became inseparable friends. Maria spent all her time with Tommy by her side. This relationship showed how deeply a pet can fall in love with its owner.
Maria’s Dedication
Every Sunday morning at Santa Maria Assunta Church— a small village local church— the 57-year-old devout catholic lady attended mass service there without fail. Her loyal friend never left her one bit and waited faithfully at the entrance throughout the entire duration until she came back from within, having finished attending Mass. The villagers get used to seeing Tommy’s faithful act of waiting.
Maria’s Death
Her funeral service was conducted at the same church where she used to worship weekly before dying in 2012, aged 57 years old. Next to her casket stood their beloved companion, who had been abandoned once again forever. This time around, it’s too far gone. He forever lost the only family member he had known since he was born. So long ago, Maria found him wandering alone, hungry and frightened, always trembling and now smiling happily. Alive and warm. Safe and loved. Needed, wanted, cherished, valued, appreciated, respected, desired, and believed. Cared for and admired as well as trusted. Worshipped and followed obeyed imitated respected gratitude. Thankfulness and appreciation. Recognition acknowledgment and awareness realization. Knowledge and understanding perception insight. Consciousness and enlightenment.
-
Loyalty, intelligence, and strong attachment to their owners are the key features of German Shepherds. Below are a few true but heart-touching stories that prove these qualities:
Capitán’s watch:
Miguel Guzmán passed away in 2006 in Argentina. After the funeral, his German shepherd Capitán disappeared. The family found him in the cemetery, sitting atop Miguel’s grave. Until he died in 2017, Capitán spent most of his days at his owner’s resting place, sometimes returning home for food or attention.
Talero’s final duty:
In Colombia, a police dog named Talero saved his handler’s life during an ambush by detecting attackers and alerting its partner before being shot at himself. While doing so, he still protected him until help came since it got fatally injured anyway.
Rex the hero:
Javier Mercado was alone at his Washington state house when burglars broke in. A Rex fought them off, taking bullets for it but suffering multiple gunshot wounds himself in the process, which gave Javier enough time to hide and call for help, thus saving his own life ultimately.
Lexy’s Devotion:
After her military veteran owner committed suicide following post-traumatic stress disorder diagnosis, Lexy refused to leave where she found him dead even after first responders arrived there who consequently discovered that she had stayed guarding over not only her now late master’s corpse but also everything else around including some personal belongings etcetera so as much such showing loyalty even beyond death itself can allow certain dogs like Lexy go.
Buddy’s Sacrifice:
https://www.youtube.com/shorts/54tMI3F2uV8
youtube.com
Captain's Unbreakable Bond: A Dog's Love Beyond Death! 🐾❤️
In 2005, Miguel adopted Captain, a loyal German Shepherd. After Miguel's passing, Captain's unwavering devotion stunned everyone. For 12 years, he spent his ...