Mortgage Town

I am considering applying for a home equity Loan. In order to get the money I need, my house would need to be assessed at a higher value than it currently is because I have very little equity in the house. However, I have made many major capital improvements, so this won’t be a problem. If the bank’s assessor assesses the property at a higher value, will my house be subject to higher property taxes? I live in NY, so the property taxes are the highest in the country, and this would be a major problem.

I have considered and researched other alternatives to a home equity loan, so I just need to find the answer to this question. I can’t seem to find it on the Internet, and I have asked two Mortgage people…and they don’t even know.
OK, if my property tax is based on the value of my property…let me pose this question/example:

Say, I bought my house for $170,000 and put no money down. My house is currently assessed by the town/county at $200,000. That is what I pay property tax on. Between rising property value and tens of thousands of dollars in capital improvements, say my house can be assessed for $250,000. That would be $70,000 more than the remaining principal. Excluding any other data or costs, a 100% home equity loan would provide me with $70,000. Now, if someone came out and said my house was valued at $250,000…this wouldn’t increase my taxes? So…the town/county would not find out about this loan or the re-assessment? My tax rate here is 3.5%. I have to be 100% sure.

Not necessarily! Because the bank’s appraisal with the new value is not shared with anyone……also, typically, property taxes are assessed when there is a transaction on the property and unless you need the county’s building dept. approval, you should be fine…

My current house isn’t sold yet and I don’t want to lose my new dream home, which the payment is due by September. Should I apply for a bridge loan or just get a new mortgage for my new home? Which one is less risky? If I get a new mortgage and I just sold my current house, can I put the cash to pay some off? Can I re-finance the mortgage and make the payment lower after pay some off?

bridge loan will secure the house you want but will be pricey after awhile. if you get a new loan/Mortgage you’ll get the house and will be able to use the money from the sale to help pay some of it off. make sure you get little or no prepayment penalties. your refinance will only be advantageous if your credit score is good. you will need some seasoning in order to get a refinance as most lenders will not Loan you money right after you move in. some will but for a very high rate. either way, you’re taking out more money than you need to secure what you want. my advice, get a new mortgage, I assume you’ve paid or are close to paying off your old one?, and secure your new house since it is very important to you. once you sell the house, retain a good majority of the money, pay off the old mortgage is you haven’t already. if you rate and terms are good, then keep them for your new mortgage. if they’re bad, wait at least 6-8 months before refinancing.

Do they convert a ARM loan to fixed? Do they just lengthen the term of the existing Loan? Does the home owner have any choices on terms?

You are offered terms, you take them or your leave them,

Terms will usually be fixed, at a normal rate, not your previous ARM rate.

Sometimes they will lengthen the loan to 40 years to prevent too much loss for the bank.

I accepted loans for school, and signed my mpn and everything. My question is, how long should it take for the bank to accept my application? Is there a reason i might not get a Loan? Other people who applied for loan got their application accepted by the bank the next day. It has been 3 days since I filled out the application. The status of my application says "completed" not "accepted". Has this happened to anyone else?? Thanks.

well if its stafford loans you will get it once your school gives out the dates they want it sent if its a private loan thats a longer process they have to check credit and stuff like that

I am a first time house buyer and need to find a mortgage wihtin the next 16 weeks. I would like to know what banks are doing the best Mortgage deals at the moment, can anyone help?

The woolwich life time tracker is a good one but go on moneysupermarket.com and they will give you the best deals on the market

http://www.donharrold.net

Your choice. I know what I choose. How about you?

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All you need to know about Loans and home buying.

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http://www.Modification.org For Free Expert Loan Modification Advice Call 1-888-826-3193 or visit Modifications.com. 100% Satisfaction Money Back Guarantee offered on our Attorney Backed Home Loan Modification Program available in all 50 states.

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Turae reflects on his college career and the repercussions of not repaying student Loans.

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Former Countrywide Employees can help the investigation at http://www.jameshoyer.com/ Countrywide evicts family right before the holidays. Why are big mortage companies like Countrywide saying they want to help families avoid foreclosure, when this is what’s really happening?

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