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.
Posts Tagged ‘Equity’
Will A Home Equity Loan Increase My Property Tax?
Friday, June 26th, 2009Will A Home Equity Loan Increase My Property Tax?
Friday, June 26th, 2009I 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.
Will A Home Equity Loan Increase My Property Tax?
Friday, June 26th, 2009I 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.
Is A Home Equity Loan Worth Getting To Pay Off Credit Cards?
Friday, June 26th, 2009I have some credit card debt on a few diffrent cards. I’m getting tired of trying to keep track of when they are due and paying the high rates. I have owned my home for over a year and a half, and I was looking at and Home Equity Loan, which it appears the APR is at 7% with most banks. Would it be worth getting to pay off my credit cards? And, If I wanted to sell my home, would there be any probelm with having the loan?
Is My Home Equity Loan Still Tax Deductible If I No Longer Have A Mortgage?
Tuesday, June 23rd, 2009We just paid off our mortgage, but have an outstanding home equity loan, which we took out to benefit from the tax deduction. Now that the mortgage is paid off, we’re wondering if the loan is still deductible.
Get Rid Of Home Equity Or Car Loan?
Sunday, June 21st, 2009I have a dilemma.
We have a $14,000 home equity loan at 7.25% apr, a car loan on a 7 yr old car for $9500 at 5.99% apr and $90000 in savings at 3-4% interest rate.
We are currently having a baby and have short-term goals of starting a business so we don’t want to get rid of too much cash. We probably will only be in this house for another 3-5 yrs.
Should we pay-off the home equity loan or the car loan or both?
Thanks for your replies.
Is A Home Equity Loan A Good Idea? Or Are They Bad?
Sunday, June 21st, 2009I understand the concept of equity but can the lender take your home if you fall behind on payments? Is there any real negatives to getting a home equity loan?
Is Wells Fargo Canada a good option?
Thanks.
Home Equity Loan - How Is Amount Available Determined?
Saturday, June 20th, 2009I am looking into getting a home equity loan to consolidate some debt. I just read that banks will use the lesser of the purchase price or the appraised value in determining how much to lend you. Is this right, or do they really use the difference between the appraised value and what you owe on your mortgage? Does anyone know what interest rates are looking like right now for someone with mediocre credit scores?
Home Equity Loan Interest Is Tax Deductible?
Saturday, June 20th, 2009I have two mortgages - one for primary residence and one for investment property. I know that interest payment on both loans are tax deductible. But if I get a home equity loan against my primary home to pay off my high-interest car loan, the interest on this home equity loan is also tax deductible?
Is A Home Equity Line Of Credit Or Home Equity Loan Used To Buy A Second Home Tax Deductible Beyond $100,000?
Thursday, June 18th, 2009Would a Home Equity Line of Credit or loan used to buy a home be considered a Home Aquisition Debt instead of a Home Equity Debt?