2007-09-19 09:39:18 · 11 answers · asked by badger1bob 1 in Business & Finance ➔ Renting & Real Estate
No, a new appraisal will not effect your taxes on your home. an appraisal is a private assessment of your home and real property.
Your taxes are calculated using a public appraisal and other factors. As a general rule, public appraisals come in much lower than a private home appraisal.
2007-09-19 09:50:44 · answer #1 · answered by Cragmonkey 1 · 0⤊ 0⤋
Read the fine print of the PMI. An appraisal alone doesn't get rid of PMI, and I cannot tell you how many loan officers tell people that only for them to find out it's not true.
The lender HAS THE LEGAL RIGHT to use the ORIGINAL appraised value of the home to determine the magic 80% LTV, at the time your loan was originated.
Also, there is usually a stipulation that you have to pay the mortgage for "X" number of years FIRST even if you hit the 80%. Usually its anywhere from 2 to 5 years.
Now you know why so many people have to refinance to get rid of PMI.
2007-09-19 09:46:35 · answer #2 · answered by Expert8675309 7 · 1⤊ 1⤋
No a loan transaction appraisal is not recorded and is only viewed by the lender and client. It in no way affects property taxes.
2007-09-19 10:34:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No it will not affect your property taxes. The only people will the see the appraisal will be the lender.
2007-09-19 09:46:03 · answer #4 · answered by Leo F 4 · 1⤊ 0⤋
Now will possibly no longer be the main suitable time to finance a house. The lender might value you an exorbitant fee. Plus, that is incredibly useful to get used on your new job and experience maintain in it earlier you're making this type of massive economic substitute. My credit union won't lend to somebody with a financial disaster except they have had a appropriate credit historic previous for no less than 2 years after the financial disaster and the collateral is nicely worth extra beneficial than the loan. as nicely, you ought to qualify to make the value. we seem for no less than a 300 and sixty 5 days on the job or the substitute of job could be in a similar field and for larger pay (we don't penalize human beings for shifting upwards). we are easily especially lenient. that is incredibly useful to connect a credit union and be conscious. while you're denied, ask them to assistance you on convalescing your credit status. in case you nonetheless have unpaid or antisocial products, you unquestionably ought to repair that.
2016-10-19 03:16:18 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Nope, the l=only people who see it are you, the appraiser, and your lender
2007-09-19 09:41:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Probably not, but it depends on your state/county regulations. Many states tax according to market value averages for square footage of living space.
2007-09-19 09:46:15 · answer #7 · answered by Suzy 5 · 0⤊ 0⤋
no - assessed value used for taxes is different than appraised value
2007-09-19 09:42:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
My mortgage company said increased value will not be considered.
Only original cost minus what you have paid has to be the 20% difference.
I am with Countrywide
2007-09-19 09:43:08 · answer #9 · answered by smars442002 5 · 2⤊ 1⤋
WOW.... Mary isnt even close to being right. There is no whay in hell she ever underwrote a file. What she said is so wrong.
To your question, it will only affect you if you turn it in and they care.
2007-09-19 09:55:43 · answer #10 · answered by financing_loans 6 · 0⤊ 2⤋