 Is it possible to rent your flat out and use the money to buy another property? Two mortgages at the same time |
If I rented out my flat, could I then use that money to put towards another flat? I.e. have two mortgages at the same time?
T... |
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me and my partner letted out a flat for 6 months
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 Question about paying rent? |
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 Should I pay this? |
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badger1bob | If I get a new home appraisal to eliminate my PMI, will this in any way affect my property taxes? |
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Cragmonkey
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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. |
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smars442002
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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 |
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Leo F
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No it will not affect your property taxes. The only people will the see the appraisal will be the lender. |
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bdancer222
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Wow! Mary is absolutely correct!! |
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Expert Realtor
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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. |
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Nancy Kay
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no, such an appraisal is a private, off-record matter and will not be disclosed to your tax assessor, nor would a re-appraisal for this purpose (or even for a new refinance loan)constitute an event (sale or transfer, construction of improvements) that would trigger a tax reassessment. |
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mazziatplay
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Nope, the l=only people who see it are you, the appraiser, and your lender |
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Dr. Deth
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no - assessed value used for taxes is different than appraised value |
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Suzy
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Probably not, but it depends on your state/county regulations. Many states tax according to market value averages for square footage of living space. |
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Alterfemego
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No a loan transaction appraisal is not recorded and is only viewed by the lender and client. It in no way affects property taxes. |
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financing_loans
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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. |
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