- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Cash Out Refinance Questions - Increased Insurance / Tax Costs?
Posted on 11/2/15 at 1:20 pm
Posted on 11/2/15 at 1:20 pm
I'm thinking about doing a cash out refinance to finance an addition to my house. I assume my property insurance and tax costs will increase. MPI shouldn't go up as long as I stay under the 80% of appraised value threshold for the cash out, right? Should I expect my property insurance to increase based on the % increase in the amount from the new mortgage?
This post was edited on 11/2/15 at 1:32 pm
2
Posted on 11/2/15 at 1:23 pm to SUB
not at all. your property tax is based off the value your parish/county values your house at. they do not get a copy of the appraisal done by the bank so they will not know if there is an increase in value.
Posted on 11/2/15 at 1:31 pm to hawkeye007
Sorry, I forgot to mention that we are using the cash to add on to the house, so I assume that the county will find out about the increased sq footage through the permit / inspection process.
Posted on 11/3/15 at 10:48 am to SUB
that's assuming a lot ...what state are you in?
Posted on 11/3/15 at 10:11 pm to SUB
quote:
Should I expect my property insurance to increase based on the % increase in the amount from the new mortgage?
I would think you would WANT to increase your Hazzard insurance to cover replacement costs and loss of use
Posted on 11/4/15 at 9:13 am to SUB
quote:
Sorry, I forgot to mention that we are using the cash to add on to the house, so I assume that the county will find out about the increased sq footage through the permit / inspection process.
Government isn't always that smart, especially since the permits dept and the assessment operation are under two completely different groups of government.
Your property insurance should increase because you will need additional coverage.
Posted on 11/4/15 at 1:30 pm to hawkeye007
I'm in TX.
Thanks, I think I've figured out an answer.
Thanks, I think I've figured out an answer.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News