Financing and Tax Information
Financing:
Despite the upwards crawl of interest rates, mortgage interest rates today still remain in the historically lower spectrum. Mortgage-X, a Mortgage Information Service, graphically illustrates this point.
Rates in 1982 climbed to 18% for a 30 year fixed mortgage.
Rates are not the only story and Terry can guide you through some of the maze of financing. Obtaining a cost estimate sheet is essential because this defines to you, the buyer, what charges you may incur. These charges may vary from lender to lender.
Buyers who have credit issues may need to have their “credit cleaned”. It may be beneficial to wait until issues have been cleared. This may save you, the buyer, thousands of dollars over the life of the loan.
Using a local, reputable lender will insure a smooth process for this aspect of purchasing your home. Local lenders know the Tucson market, understand the Arizona contract, and will work to make sure you are not in breach of contract because loan documents are late.
Terry will work with the lender throughout the process for your benefit.
TAXES:
“Only death and taxes are certain” said Mark Twain, and Terry is often asked about taxes in Arizona, which include sales tax, property tax, and income tax.
A general overview of Arizona taxes is spelled out by The Tax Foundation of Washington D.C.
Frequently asked questions and the answers are on the Arizona Department of Revenue site which also includes the tax brackets.
The state sales tax is 6.3%.
Local property taxes are assessed by the county and the process is discussed in the Assessor’s web page
The directory to the right gives additional links for other pertinent information, including the appeals process.
General information is available from the Pima County Treasurer regarding property taxes, due dates, and delinquency.
Terry is happy to help you with any questions regarding taxes and assessments. This information is essential in deciding whether to purchase a property.
For more information or a relocation package on Tucson Real Estate email Terry with your Name, Address, City, State, Zip Code, Phone Number and your specific question to information@terrybishop.com
