Hope to refinance in a year. According to my property tax statement, my house is valued at $39,000.00 but I purchased it for $85,000.00. How will this affect the refinancing? I get lost in all of the verbiage of it all.
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All loans base house value at Current Market Value...and in most districts the "assessed" value and the Current Market Value can be quite different.
There are 2 ways to get the CMV. (1) pay an appraiser to come out and assess the value (2) contact a local real estate agent, tell them you are interested in selling the house and have the REA prepare a comp sheet (i.e. a list of recently sold properties that are similar to yours and how much they sold for).
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