Property Assessments

[StirCrazy]

Originally Posted by michika

The corrolation for me between assessment and remaining mortgage is that my bank uses the difference between the two as part of their calculation of net worth when seeking loans not using your home as collateral. That is on top of other assets in your posession.


I wanted a new car this year, and this past week the bank and I had been discussing loans. So that's the correlation for me.

if you bank is doing that find another bank and switch your mortage when you can. assedments have no bearing on the value of a house they only reflect the average selling prices for houses in that area. my assesment went up 65K from what it was last year as housing sails have taken off in the second have of the year again.

I have borrowed against my old houses and the only thing the bank used to figure out how much I could borrow was a proper aprasal.

Steve

[Cameron]

I would be telling my bank the fair market value of the house not the property assessment value.

[banditpowdercoat]

Ya, Catherine,I would find another bank! I borrowed from our home when the assesment doubled the other year, and they wouldnt even look at the assesment. Needed to get a proper aprasial. $250 for aparasor, but got true value of house, which was about double the assesment!

PS, when our Mtg is up next year, I'm seriously thinking finding another bank too. Kinda leaning towards Credit Union, I don't know.

[michika]

My bank and mortgage holder are completely different companies. It was just one of the criteria that they have chosen to use when gathering information for a loan. Also if you note I said when NOT borrowing against your house.