Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-30-2009, 11:44 AM
 
1,977 posts, read 7,755,358 times
Reputation: 1168

Advertisements

I should probably post this in another section but you guys are always very helpful.

Im thinking that a HELOC might be a good thing to have, "just in case". We had about 25% equity in our house before the bubble popped and im curious to find out how much the house might be worth now. My concern is if I hire someone to asses the house and get comps and such, will they report it to my mortgage company? If the value of the house has fallen so much that we have less than 20%, can the mortgage company make us pay PMI now? Finally, do most banks make you use their assesors or would they accept a report from mine (so I dont have to pay twice for the same thing)?
Reply With Quote Quick reply to this message

 
Old 01-30-2009, 04:03 PM
 
Location: Cranford NJ
1,049 posts, read 4,020,165 times
Reputation: 405
Hi Rob,

When taking a loan out, the bank will do their own appraisal, Your home may appraise for more than the market value. If you had approx 25% equity before prices started falling, and the maximum LVR the bank will give is, say, 80%, then you may not be able to get a HELOC.

There are many sites you can go on to see what similar homes are selling for in your neighborhood.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top