Georgia Homestead Exemption Decoded

happy clients

Hi Dan,

Are you a homeowner in the State of Georgia? Do you know the status of your property tax exemptions? You may be entitled to more property tax relief than you realize.

Georgians don’t often think about property taxes during the summer. We often only remember to check into our property tax status during tax season, when it may be too late.

Georgia Property Tax Homestead Exemption applications are due each year on April 1st. But did you know you can actually file your application at any time?

There is one Georgia homestead law for the entire state, however; each county and city each county and city has the opportunity to increase the benefits to its residents. To learn more about the homestead exemption in your county, take a look at this week’s blog post. It explains the Georgia Homestead exemption in general and provides specific information for each Atlanta county.

As always, if you have any questions, please feel free to reach out.


Brian M Douglas

 

The Georgia Homestead Exemption: Decoded

In the State of Georgia, there are special benefits conferred to properties that qualify as homesteads. Only homeowners can receive the benefits of a homestead property, and these benefits are only available if the home is the owner’s legal residence as of January 1 of the taxable year. There is an exception to the primary residence rule if the homeowner was away from home during the year due to health reasons.

…Read the Featured Article..

 


 

happy clients

“My experience at my closing was a very pleasant and informative one. Brian did an excellent job of going over and  being thorough in the paper and questions asked. I would most definitely recommend him.” Lucien

Our mailing address is:

Brian M. Douglas & Associates
900 Circle 75 Parkway
Suite 800
Atlanta, Georgia 30339
Call us at 770-933-9009

 

 

Saving Money on Your Mortgage by terminating your PMI – Private Mortgage Insurance

saving money mortgage insurance

When you purchase a home with less than 20% down you most likely are paying Private Mortgage Insurance or PMI.
This is not to be confused with Home Owners Insurance.  Private Mortgage Insurance safeguards the lender and remains on the loan until the home’s Loan to Value is at 80% or less.

At the time of writing of this article, July 2018, home values have increased by over 50% in the last 5 years nationwide.
There is a very strong chance that if you have purchased your home in the last 5 years that the value of your home may have increased enough to terminate the PMI.
It is worth taking a look at it at; PMI on a $200,000 loan can be $100 to $150 per month.


So, if you are the proud payer of Private Mortgage Insurance or PMI, here are the steps you can take to see if you can get the lender to terminate the PMI:

Conventional Mortgage, FHA loans closed before April 1, 2013:

  1. Check your Loan to value with the current market value of your home
    1. Look on realtor.com, Zillow.com, or Trulia.com to see what the estimated market value of your home may be.
    2. Look at your mortgage Statement and see what your current loan balance is
    3. Divide the mortgage balance by the estimated value of your home. If that number is .80 or 80% or less, you may be able to terminate your PMI.
  2. If you are below 80% call your loan servicing company and tell them you want to look at terminating the PMI and ask them what steps you need to take.
    1. There will most likely be a fee of some kind to drop it(minimal compared to savings)
    2. They will probably ask you to pay for an appraisal
    3. Different loan servicers have different criteria, just ask them and be persistent.

FHA loans Closed after April 1, 2013:

  1. Check your Loan to value with the current market value of your home
    1. Look on realtor.com, Zillow.com, or Trulia.com to see what the estimated market value of your home may be.
    2. Look at your mortgage Statement and see what your current loan balance is
    3. Divide the mortgage balance by the estimated value of your home. If that number is .80 or 80% or less, you may be able to terminate your PMI.
  2. IF you are below 80%, Give me a call and lets run a refinance analysis and move you from an FHA loan to a Conventional loan with no PMI

Myself and my Team are at your service………..I always love helping my friends save money!