Money
Many of you may not be aware that if you are 61 or older, and make less then $35,000 per year, you are entitled to a property tax exemption (reduction).
Many of you may also not be aware that you can also qualify for the same exemption if you are retired as a result of a permanent disability regardless of age so long as your income is under the $35,000 limit.
In order to qualify for the exemption you must fill out an application and submit it to the King County Assessor’s office.
You must be in possession of the home on January 1st of the year you apply for the exemption.
So this won’t help you if you are searching for a home right now, but if you qualify, you can apply next year and save yourself a lot of money in the future.
Applications are available on line or by going to their web site by clicking here.
There are also allowances for widowed spouses and widowed spouses of veterans.
Feel free to contact them if you have any questions. It can save you thousands of dollars on Taxes each year.
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Rob Graham
Windermere Real Estate
206-321-6349
Popularity: 4% [?]
I had an interesting exchange with a buyer who asked how having student loans will effect his ability to qualify for a home loan. I thought others of you might also benefit from the info, so here was my advice to him:
Having student loans alone does not preclude you from qualifying for a loan. The problem as you have already figured out is the monthly payment. How much the bank will allow you to pay monthly for a loan is reduced effectively by how much you are paying into your loans. Your best bet is to talk to a bank and find out the real story for sure.
Just as an aside, did you see that Obama has hopes of signing into law that student loans will be forgiven in ten years if you are in public service and in 20 years if not? Just something to think about for the long term.
Overall it sounds to me like have a great income. You may want to consider renting for a year or two and paying off as much of the loans as you can. It improves your credit and will allow you to pay less per month.
When I graduated school I had the same situation. Here is what I did. I paid the minimum on the loans and then when I had saved up enough to pay off one of the loans (usually the smallest) I did so. Then it lowered my monthly. If you can just do this a few times your monthly starts to drop and gives you more money to save toward the next loan. In a year or two the monthly goes down, you get a raise or two and viola, now you qualify for a bigger home.
Just a thought.
Best of luck,
Rob
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The best real estate search feature on the web!
Popularity: 10% [?]
The Washington State Association of Realtors offers this great video for Seattle home buyers about interest rates and points and how they can effect your monthly payment.
Enjoy!
If you need help shopping for your Seattle home, give me a call. I’d love to help.
Rob Graham, Home Buying Specialist
Windermere Real Estate
206-321-6349
Popularity: 9% [?]
If you are thinking of buying a home in Seattle in the near future, you are no doubt wrestling with trying to figure out how to come up with the money to be able to make your move. Fortunately there is help. A Mortgage representative I have worked with in the past and really trust is offering a seminar on how to budget yourself to a new home. Here is the e-mail that I received from them:
Join us September 15th and October 20th for the final installment of our 2009 Family Finances Series, “Budgeting in Real Life” with Mindy Crary, MBA, Certified Financial Planner®. The course will identify the many pitfalls that make money-management in everyday life such a challenge, and provide realistic solutions to stretch your dollars a little further. We all have clients who are struggling to save up for their down payments or simply want to be more financially savvy – please extend this invitation to them!
To register for the course call: 206.789.8629 or email: Jessica@salmonbaylending.com
Both sessions will be held from 7:00-8:30pm at Salmon Bay Community Lending:
1502 NW 52nd St.
Seattle, WA. 98107
Suggested donation: $10
Space is limited, so reserve your seats early!
Chief Loan Officer
Salmon Bay has offered a variety of classes in the past on many financial topics. Feel free to contact them if you have any interest in finding out what else is available.
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Rob Graham, Accredited Buyer’s Representative
Windermere Real Estate
206-321-6349
Popularity: 14% [?]
ABOUT
Call today for a free consultation on how you can find the home of your dreams. 206-321-6349 or simply visit my web site www.robgrahamrealestate.com
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