Should I fix the square footage of my house with county assessor?

Ok.. So here's the down side of having the home re evaluated to show proper square footage.. Property taxes.. If you have the property square footage accurately listed in their county records, they are going to re assess your home, and your property taxes will increase. Also, your home owners insurance should accurately reflect the proper square footage as well.. If it doesn't, and you have a major claim, you could get short changed.. The upside is when you try to refinance or sell the property, it will obviously have more value being bigger.. But this will be reflected in the appraisal. Under HARP 2.0, no appraisal is necessary and there are many lenders out there doing 105% LTV, 125% LTV and some 150% or unlimited... so really under HARP... there should be no worries, you can refinance now and the square footage is not going be a problem that's it showing short. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

There is more to it than just yes or no to it. since you purchased the property, your property value may have decreased so adding the additional square footage to the with the city accessor may help you gain the loss you had. your property taxes are based on the property value at the time of your purchase however the city has an option to randomly audit and increase it as they please, so there is no guarantee that your taxes will not increase after you do the refinance (triggers an alert with county) to re-evaluate your property.

I can refinance your property under the HARP2.0 with unlimited loan to value and in most of my cases I do not require an appraisal. Therefore you would not have to go through the cost of the appraisal nor would you have mortgage insurance with this program. On the other hand if you are just interested in making sure the county records reflect the proper square footage you can have an appraisal done and submit that to the county assessor to correct your square footage, however make sure you first check with the county as there may be other considerations such as increase taxes. If you have any other questions you can contact me directly at scottpwmson@gmail.comThank you for your questionsScott Williamson

if the sq ft is large than want the county is assessing what it is for, then you will have to pay a high tax. I recommend if you are looking to cashout or refinance where the ltv would not allow you to refinance then do the reassessment. Also, if you are selling the property then do the reassessment. Why pay for more in property tax? Call me at 714-943-6499 if you want to refinance or sell your property

If you document the sq. footage, your property taxes are sure to increase. Best bet is to speak to a lender who will be able to refi you as is. Best of Luck!

By all means, get the square footage of your home changed to what it should be and don't be concerned about what, if anything, will happen to your property taxes. In the long run, it's far better to have the accurate square footage of your house in the title information. What was the original loan amount of your current loan, and what is its interest rate and monthly payment? As far as HARP 2 (H2) is concerned, was your loan purchased by Fannie or Freddie? A word of caution here. No one can guarantee you that you will get an appraisal waiver, much less be able to get your loan approved with a high LTV. Contrary to what you may have heard and/or read about H2 loans, they are not all allowed with unlimited LTVs and without appraisals. This differs from lender to lender. In addition, most lenders have different interest rates depending upon LTVs, and cap the LTVs of the H2 loans they do. Some allow up to only 105%, others to 125%, still others to 150%, and very few unlimited. Your level of eligibility as determined by the Fannie or Freddie computer programs decides whether or not an appraisal will be necessary, what lenders can do your loan, and what LTV limit will be allowed, Furthermore, interest rates and costs for H2 loans are very LTV driven. The higher the LTV, the higher the interest rate. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. I have done many H2 loans for my clients saving them $400 to $1,100 monthly, and believe I can do the same for you depending upon your ability to qualify for the loan. Regardless of what you have been quoted, I'm quite certain I can structure a better H2 loan for you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.