FAQ ABOUT MORTGAGE LETTERS
Q: What is a Mortgage Letter?
A: A Mortgage Letter provides confirmation for your lender that your homestead exemption has been approved along with an estimate of your tax bill.
Q: Will my Mortgage Company adjust my mortgage payment?
A: Maybe. Each lender is different. Some ask for a copy of your homestead exemption application, some ask for a Mortgage Letter, others will make no adjustment until after they pay your tax bill and adjust your escrow account.
Q: Will the Property Appraiser mail a Mortgage Letter to my mortgage company?
A: No. If an estimate is available, you may click on the link to "Create a Mortgage Letter" that should satisfy the requirements of your lender. If no estimate is available, your Notice of Proposed Property Taxes (TRIM) will be mailed to you in August, and can be forwarded to your lender.
Q: Do the taxes in my Mortgage Letter reflect what I will pay in November?
A: Probably Not. The estimate is based on LAST YEAR'S value and millage rates. Due to changes in the real estate market and potential changes to your property, your Just/Market value may change substantially from a Mortgage Letter estimate. Your best estimate will be the TRIM notice you receive in August. Mortgage letters are provided as a courtesy to new homeowners, and are not binding on the Property Appraiser's office.
Q: When can I access and print a Mortgage Letter?
A: Only after a NEW homestead exemption has been approved. Once the Notice of Proposed Property Tax (TRIM) has been mailed in August, current year Mortgage Letters are no longer available. Your TRIM will serve as an estimate for your lender. Mortgage letters will be available again in November.
Q: Why can't I create a Mortgage Letter?
A: There are four reasons why a Mortgage Letter cannot be created:
1. You do not have a NEW homestead application on file. If you did not file for homestead exemption, or your current exemption is not new to this property, you cannot create a Mortgage Letter.
2. Your exemption has not yet been processed. Exemptions are processed through May in the order in which they are received. As soon as your exemption has been posted to your account, you should be able to create a Mortgage Letter.
3. Your property was assessed as vacant land last year. If you live in a newly constructed home, last year's value will not produce an accurate estimate for your lender. Your Notice of Proposed Property Taxes will be mailed to you in August and can be forwarded to your lender.
4. It is currently TRIM season. Please provide a copy of the TRIM notice to your lender.