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What Does The Economic
Stimulus Package Mean To You?
 Since
passed by overwhelming Capitol Hill majorities in
January, there has been much talk regarding the
economic stimulus package. Yes, it will cost $168
billion, but what does it actually do for
individuals?
The stimulus package is
designed to help the country moderate the worst
effects of a slowing economy and perhaps even avoid
a recession. The idea is to encourage spending and
with more spending to increase economic activity.
While the theory looks good on paper, it will likely
take months or years to know if it actually works.
From a personal
perspective the January stimulus package has five
major components that will immediately impact
individuals with an interest in real estate.
1. Checks from Uncle
Sam: According to the White House, taxpayers can
receive rebates of up to $600 for individuals and
$1,200 for couples. A
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Is Your Credit Score as High as
You Think?
It
is common to assume that paying bills on time
automatically means having a high credit score.
Unfortunately, that's not always the case. There are
many misperceptions about how scores are calculated --
and yours could be lower than you might expect.
Credit scores are used by
financial institutions to determine whether they should
lend money to a potential borrower and, if so, what
interest rate should be charged. A higher score means an
applicant is statistically less likely to default on the
loan so they get a lower interest rate.
Ignoring your credit score
could be a costly mistake. As an example, let's say you
bought a $400,000 house with a 30-year fixed-rate
mortgage at a 6-percent interest rate. Over the term of
the loan, you would pay interest charges of $463,354.
If, however, you had a lower score and your bank bumped
your interest rate up to 8 percent, you would pay
interest charges of $656,619. That's a hefty difference
of $193,265.
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Appealing Your Property
Tax Bill
 I f
your property tax is aligned with or assessed based on
the value of your home, a swing in property values
could warrant close scrutiny of your property tax
bill.
Some more progressive tax jurisdictions will
make the adjustment for you -- up or down -- but most
only move your rate up or they'll wait for the
property to change hands before adjusting the tax.
Even where adjustments are automatic, you still may
not be satisfied and will need to appeal the deal.
Over valued or over assessed property is perhaps
the most common and successful grounds for challenging
your tax bill.
When the economy is faltering and spawning
foreclosures, short sales and homeowners otherwise
bailing out of homeownership, consider it a red flag
-- it's time to scrutinize your property tax bill.
Many homeowners bailout, accept the foreclosure
or take the short sale way out because their mortgage
is more than the value of the home, which may have
fallen for a variety of reasons.
The incidence of incorrectly calculated property
tax bills may also warrant a close inspection of your
property tax bill or an appeal.
Many errors in calculating your property tax
bill also stem from clerical
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April
is Fair Housing Month
April marks the 40th
Anniversary of the 1968 Fair Housing Act, as well as Fair
Housing Month.
On April 11, 1968, President Lyndon
Johnson, honoring the life and ideals of Rev. Martin Luther
King, Jr., signed the history-changing Fair Housing Act. This
landmark Act prohibited discrimination concerning the sale,
rental, and financing of housing based on race, religion,
national origin, sex, disability and family status.
This year REALTOR® members and associations
proudly observe the 40th Anniversary of the Fair Housing Act, as
well as Martin Luther King's memory, and continue to work hard
to provide fair access to affordable housing and homeownership.
By commemorating Fair Housing Month in
April, we have the opportunity to help educate consumers on the
important role REALTORS® play in implementing positive change
within our communities.
Again this year, NAR is providing a wealth of
resources and tools that support homeownership and strong
communities.
For more information, visit
www.REALTOR.org/diversity.
...reprinted from the
Honolulu Board of Realtors® April 2, 2008 newsletter
WHEN YOU ARE READY TO BUY!
ARE YOU THINKING OF SELLING?
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