Property Tax Tricks and Hacks
It’s time to start thinking about property tax, even though there is still a few months to get them paid. Each year these taxes increase a bit; therefore, we have some tricks and hacks to help you prepare for the inevitable and not be surprised. These tricks are mostly for those who do not have an escrow rolled into their mortgage.
What to do when you get your property tax bill: There are many tax advantages to snatch up before it’s too late. There are a few things you can do to recalculate your current mortgage to help pay for your property taxes and keep your remaining loan term.
Property Tax Tricks
Get a New Loan – You may want to consider refinancing to pay your property taxes if you are low on money. You can do this in some cases without incurring additional costs while keeping your remaining loan term and without starting over.
Bypass Mortgage Payments – You can refinance your home without a ton of equity and benefit from the extra available money. You can pay off your property taxes and bypass two months mortgage payments. With the holidays upon us, this may help you resolve your property tax issue.
Switch it Up on the Term – You can extend the term of your loan and pay less now by reducing your term. You will pay less over time this way. So, think about what is best for you and your financial goals. You can discuss your options with your mortgage company.
Consolidate Debt – You can consolidate your debt through refinancing that will enable you to reduce your monthly expenses by helping to pay off student loans, high interest credit cards, car loans and more. This extra money each month will help you pay off your property taxes each year and allow you to save a little money.
Extra Property Tax Tip:
Escrow Account – If you do not have an escrow account, you may want to consider adding one to your current mortgage. This will add a little more each month to your mortgage payment; however, it will also pay off your annual property tax and homeowners insurance automatically so you don’t have to be bothered with it at all.
Keep yourself in the best possible financial position with these simple property tax tricks and hacks.
These property tax tricks are brought to you by: Tom and Bev Herring, buying and selling Tulsa Real Estate, Broken Arrow Real Estate, Jenks Real Estate, Bixby Real Estate and Owasso Real Estate as well as Keystone Lake Real Estate, Berryhill and Sand Springs Real Estate.