Origin Title

Property Taxes

johncbennett — Mon, 09 Jan 2012 20:44:57 +0000

Property taxes are superior to most every other lien. This superiority is why lenders often require an escrow account to make sure taxes are paid on time. You can lower your taxes on your residence by filing a homestead exemption with the county tax commissioner. You must own the property as of January 1st though in order to qualify for the exemption. Each county has its own process and deadline. Many counties now allow you to apply year-round (even if it does not take effect until the next calendar year) and on-line. Cities who collect their own taxes will also apply the homestead exemption. The exemption varies from county to county and from city to city.

When you go to sell or purchase real property, the taxes will be pro-rated as of the date of the sale. If the current year has not been issued yet, the amount will be based on the previous year’s taxes. Most property tax bills cover the full year. For example, the Gwinnett county tax bill due in November of 2011 was for January 1st, 2011 through December 30th, 2011. Review your tax bill to make sure it shows you have all the proper exemptions and make sure you have filed for your exemptions before the deadline.

Beware Deed Scam

johncbennett — Tue, 22 Nov 2011 22:12:44 +0000

When I bought my house, I received a notice in the mail informing me that some government entity recommends that I have a certified copy of my recorded deed. The notice looks very official and includes an offer to retrieve a certified copy of your deed for a small fee of about $60. The notice is very misleading and if you read the small print at the bottom, it states the company is not affiliated with any government agency and is simply an advertisement/solicitation. It is just a trick to get people to send them $60 so they can pull the deed from the courthouse and mail it to you. While it is a good idea to have a copy of your deed, you will receive the original deed from the closing attorney and there is no need to pay an additional $60 for a certified copy. You can get your deed at any time for fifty cents a page at the courthouse, and often on-line.

Mortgage Applications Increasing in August

johncbennett — Wed, 17 Aug 2011 15:31:22 +0000

If you are refinancing, make sure you compare total title costs. Title insurance rates are not all the same. Our rates are $2 per thousand for a lender’s title policy, which is required by most lenders for a refinance.

Mortgage applications are on the rise, but most are for refinances according to the Mortgage Bankers Association.

http://www.cnbc.com/id/44171741

Good Funds

Webmaster — Thu, 30 Jun 2011 20:07:13 +0000

In the past, buyers have been able to bring certified checks to closing. This changed when Georgia revised its “Good Funds” law. Georgia law prohibits us from accepting any checks, even certified checks, in excess of $5,000. As a buyer, if you need to bring more than $5,000 to closing, it must be sent as a wire transfer.

One of the reasons for this requirement is that we should not disburse funds from our escrow account until the funds have cleared. Checks can take days to clear, and sellers and lenders are not going to wait a couple days to receive funds. Most lenders will only accept wires to payoff existing mortgages.

Many agents and buyers are accustomed to bringing certified checks and we know it can be a pain, but funds over $5,000 always need to be wired.

Fixing Tolerance Cures for Lenders and Brokers

johncbennett — Mon, 09 May 2011 19:47:03 +0000

The changes made last year to the Good Faith Estimate disclosure and HUD1 Settlement Statement require lenders or brokers to cover increases in certain fees. Even after a full year, Lenders and brokers are paying far too much to cure these tolerance violations.

To help eliminate this problem, Origin Title and Escrow, Inc is now listed on www.closing.com and Smart GFE. Smart GFE allows loan processors to download our fees directly into their software. Even if you are not a lender, you can still compare our fees with other closing attorneys and title companies at www.closing.com.

Did Closing Costs Really Go Up Over 30% Last Year?

Webmaster — Wed, 02 Mar 2011 19:33:58 +0000

In 2010, title and closing costs in Georgia for a $200,000 loan averaged $2,201. (Total Fees totaled $3,604). According to the Bankrate survey, the national average for total closing costs was $3,741. As of January 1st, 2010, Lenders and Brokers are required to provide a standardized Good Faith Estimate. Prior to 2010, the format of the Good Faith Estimate was different from lender to lender. The new standard form was created to allow borrowers compare costs more easily and hopefully encourage borrowers to shop around.

You may see articles quoting a report showing that closing costs went up 36% in 2010. The survey of costs only looked at Good Faith Estimates and not the actual costs. Some of the increase is likely because the new rules on Good Faith Estimates. Certain loan fees are not allowed to change at all from the Good Faith Estimate to closing. Title costs and insurance are allowed to go up by 10%. The requirement to disclose all lender fees on the Good Faith Estimate likely increased the amounts disclosed. Brokers and Lenders likely over-disclosed in order to avoid paying any of the fees themselves. The seemingly rise in cost is largely due to the disclosure rules. Costs did go up, but not as much as the study claims.