Mortgage & Escrow
There are many benefits to being a homeowner, especially in a hot housing market. But with great home value, comes great responsibility. Since property values determine property taxes, and values have gone up over the last two years, your upcoming property taxes likely have as well. No need to be alarmed, though! We are your financial Partners for life and we are here to help you prepare.
“Property taxes are tied to property values.” Said Roxanne Bermea, Manager, Portfolio Services at Partners Federal Credit Union. With over 25 years of experience working in banks and dealing with accounting, finance, investing and mortgages, she is one of our Partners property experts. “Property appraisers at the county level conduct annual evaluations of all properties in the county either physically on-site or through various data collections and sources. Homes get appraised when they are sold, as well. They use that information to adjust the property taxes.”
Another important thing to remember is that valuations can be appealed to the county office responsible for them. Each county has their own procedure and there is a window of opportunity you will need to be aware of, so check with your local offices.
Homeowners insurance, property taxes, and if applicable, private mortgage insurance (PMI) are held in a bank account called an escrow. With fluctuations in home values, an escrow account may not automatically compensate for the increased home valuation and what was initially projected for your escrow dues may not be enough.
We want to provide tools and resources to help our Members best prepare for any unexpected surprises. Your property tax bill will be mailed to you through the postal service, so be sure to check your mailbox. Check with your County sites for tax payment timelines and other up-to-date information.
For our Members in California, supplemental tax bills are not paid for by Partners nor does Partners receive the bill. The homeowners must be especially aware that they need to look out for the bill in the mail and pay the supplemental taxes themselves.
You can start saving for tax season now. One way to save is by setting up automatic transfers using the Partners savings planner for anticipated escrow dues, or using Partners online banking to log into the Mortgage portal to make an extra escrow payment. Contact our Mortgage Service Center at 877.877.7489 if you have questions about your home loan situation; each property and each loan is different.
If you are looking to price insurance policies, check out TruStage®, which is a Partners-affiliated home and auto insurance agency that may offer discounts depending on the type of insurance that best suits your needs. They offer auto, home/condo, and renter’s insurance. TruStage can be reached from our Partners website; they’ll ask some questions to make sure they understand each Member’s needs and put together the best policies with no sales pressure.
Another potential avenue for savings exclusive to Disney Cast Members, employees and some retirees are LifeMart and LifeCare, accessible through myDisneytoday or The Hub. LifeMart offers Disney Cast Members and Employees access to a wide array of money-saving opportunities. Also, take a look at our blog to find ways to save on your homeowners insurance.
LifeCare is a free, private, and confidential service that offers personalized specialists, referrals and more – and they will research, compare, and qualify possible services and providers to save you time.
In addition to Partners, there are other resources available that might help:
- Orange County (Fla.) Property Appraiser
- Osceola County (Fla.) Property Appraiser
- Polk County (Fla.) Property Appraiser
- Lake County (Fla.) Property Appraiser
- Seminole County (Fla.) Property Appraiser
- Florida Department of Revenue
- Orange County (Calif.) Treasurer-Tax Collector
- County of Los Angeles (Calif.)Treasurer and Tax Collector
- California Tax Service Center
- LifeCare® (On The HUB – Cast members only)
- LifeMart® (On The HUB – Cast members only)
TruStage® Auto and Home Insurance program is offered by TruStage Insurance Agency, LLC and issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union. © TruStage Insurance Agency 2017
Who needs homeowner’s insurance? You do, if you’re a homeowner. Few states in the U.S. require homeowners’ insurance, but most mortgage lenders do to protect their investment. For Partners Members in Florida and California, however, homeowners’ insurance is getting more expensive, and less diverse.
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Smart Home Improvements - Full Article
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