camilleyun asked:


In August 2005 I purchased a 900 sq ft ranch style home w/finished full basement, attached 1 car garage, nice size lot with fenced in back yard for $44,000. My taxes value the house at $74,500 so I was able to get it no money down and mortgage payments of $261 per month. If I wanted to apply for a home equity loan, how will the amount be determined? Is it based on tax value or will someone actually come and view the property and make an appraisal? I have made considerable updates to the property since I purchased it (roofing, flooring, fixtures, furnace & a/c, water heater, countertops)
Any help is appreciated - I really had wanted to sell this year.
Since it would cause me to lose money to try and sell at this time I was considering using any equity to purchase a 2nd house for myself and let my sons stay in the ranch and split the costs of rent and utilities.

ARON