September 2017 Mortgage Rates Average
CURRENT REFINANCE RATES IMPERIAL CA
Product Rate Change
● 30 year fixed 3.63% ↑ 0.02
● 15 year fixed 2.99% ↑ 0.07
● 5/1 ARM 3.07 ↑ 0.14
We shall cover some common questions that Imperial CA Mortgage borrowers often ask in the article:
Will my property tax change if I refinance?
Imperial CA mortgage borrowers when refinancing often ask this question. If the Property gets appraised for higher value, will that mean that my property tax will change?
Tax is assessed by the state and its trend generally has been inclining so it wouldn’t remain the same.
Well, it’s not the case. The state and the county have their own method of assessing property taxes which has nothing to do with a higher appraised value. Based on the expenses and budgeting of the state and for the county really what matters as to what the property tax would be in the years to come.
Call Imperial CA expert below to get you the lowest mortgage rate on your refinance.
Is cash-out refinance taxed?
Cash out refinance occurs when an Imperial CA borrower borrows money out of the equity built in the home. In other words. I have a house worth $ 600,000 and my current mortgage rate is $ 300,000 and I need cash out, be it any purpose for an amount of $ 100,000.
This cashout amount of $ 100,000 is coming out of your home which is an asset. It cannot be considered as your source of income because the property is an asset. Whether the property is rental property or Owner occupied home.
So there is no income. Hence it will not be taxed.
Call 323-705-3191 Imperial CA expert below to get you the lowest mortgage rate on your refinance.
Mortgage Insurance is Tax Deductible
Imperial CA Borrowers end up paying mortgage insurance for various reasons. Perhaps they paid less than 20% as a down payment which attracted mortgage insurance. If they have an FHA Loan. Mortgage insurance is mandatory.
This mortgage insurance you pay each month is tax deductible. This, however, requires that you fall in certain income limit category based on whether you file your taxes jointly or individually.
Call Imperial CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower. You can even email at roger@affordable-payment.com
Article by Roger Shanker
