With the increase of property taxes on the horizon, many property owners are concerned about the increase to their housing payments. First, the appraisals are reflecting generally what the properties are worth. After checking over 300 properties, in almost 90% of cases, there was less than a 2% difference between the appraised amount and the actual market value.

So what to do now? First, if you escrow for your taxes at the end of the year, notify the lender so that they can start withholding more. Nobody likes to pay more than they should, but if you don't do it now, they will definitely by contacting you at the end of the year. Then not only will they be wanting to add in the deficit amount, they will also be wanting to add in the projected amount for 2016. So better to start planning now versus being put in a bad financial situation 6 months from now.

Next, think about refinancing your home. If you are going to be in the home another 24 months or longer, the costs are easily offset over that time frame. If your interest rate on your mortgage is 5% or greater, it is definitely time. Rates will not be this low again. Currently, depending on your credit scores and debt to income ratios, interest rates are between 3.5-4.5%. And lenders want to earn your business so they are getting competitive. Remember, if you can refinance, you many not even notice t