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Our house is being appraised in two hours
All that really matters is that we love, love, love, love it. But it is hard to not feel too emotional about it. We took a big risk, we have spent way too much money and I know it won't appraise for what we have put into it - especially given a lot of the really expensive stuff was stuff that doesn't add value (because, you know, it is expected a house isn't about to fall down because of termite damage, etc) but it is hard not to have hope. DH was up at 5:30 this morning racing around, doing extra cleaning and such - poor guy is going crazy (although, it would have been nice if he would have been feeling the crazy this past weekend when I was cleaning like a mad woman to prepare but whatever).
My tummy is in knots. Please cross your fingers that it goes well. Kind of a dumb thing to ask you all to wish for, I guess, but this house has clearly been my entire life for the past 2 1/2 years.
Re: Our house is being appraised in two hours
Why are you having it appraised? Do you guys intend to sell, or are you going to live there a while?
Either way, good luck!
But doesn't a higher assessed value mean higher property taxes?
I don't the appraisal re: the bank has anything to do with the assessed value of the home for property taxes. I actually really don't know, though.
Regardless, property taxes = tax deductibe, PMI NOT tax deductible and neither is the STUPID escrow fee that BOA charges us each month. If I have to pay the extra amount, I would rather it go toward something that can actually benefit me rather than p!ssing it away each month in fees.
We pay a fee of $62.81 per month just to escrow. I never would have realized it but when I was at home this summer, we received our new insurance bill. It was sky high (maybe you remember me posting about it). I changed insurance companies and when we got our new monthly payment amount, I did a reconciliation and was off the $62.81 per month. I called BOA and sure enough, they are charging a fee to escrow - it is itemized on our statement online. I questioned this and I guess, because of the new banking laws, they "can" charge this monthly fee if a person escrows. When I informed them that they "can" charge it, they do not have to, and given I have had multiple mortgages with them over a 10 year period, not to mention several bank accounts and an IRA, and it was an overkill, they basically told me to pound sand.
Given all the work we have done to our house, our hope is to refinance with another bank to get away from BOA and all of their bullsh!t.
I'm wondering this, too. We financed through someone else, but BOA bought our mortgage, too. Hmmm
Kaylee & Cole 06.14.08
8/6/11 First 5k! OG&E Expo Run 34:47
9/3/11 Brookhaven Run 5k 34:18
9/17/11 Healthy Sooners Fun Run 5k 33:38
10/15/11 Susan G. Komen Race for the Cure 33:31
10/29/11 Monster Dash 5k 32:06 PR!
11/11/11 Veteran's Day Run 11k in Dallas 1:13:15 Instant PR!
1/28/12 Texas Half Marathon 2:38:03 Instant PR!
3/25/12 Earlywine Dash
Well, the easiest way to figure it out is to add up your property taxes plus your insurance, divide by 12 - does this equal your escrow? (if you pay PMI, this will need to be included in this calculation as well - so property taxes + insurance, divide by 12 add back your monthly PMI payment - the excess is what you are being charged)
I went back to my emails with BOA - it is calculated as a percentage of your yearly escrow - mine is calculated as 16.67% of my yearly escrow. Now I can't find it on my statement - I just looked at it last Friday with my CPA to find out if we can deduct it this year and now I can't freaking find it. His mortgage originated with BOA as well and he is being charged **20%** of his yearly escrow!!