If you purchased your home with a mortgage loan, the lender verified its value with an appraisal to ensure it's worth more than the requested loan amount. Over time, a home's appraised value has likely changed, and you might need to refer back to the original value. For example, private mortgage insurance -- PMI -- cancellation is based on the loan-to-value ratio in comparison to the original value of the home when you bought it.
Look at the loan documents you received when you closed your mortgage loan, specifically the appraisal report, security instrument and promissory note. The appraisal report lists the appraised value, while the security instrument and promissory note state the loan amount. The loan amount is usually smaller than the appraised value because of your down payment. The lender considers the smaller amount the original value in respect to PMI cancellation.
Contact your mortgage lender if you've misplaced any of the documents. The office should be able to provide you with copies of the documents.
Visit the county recorder or clerk to search the recorded documents on your property. Typically only deeds, mortgages and deeds of trust are filed on record. This can provide you with the exact purchase price, but not always the appraised value.
Items you will need
- Original loan documents
- If you're interested in finding out what the home sold for in the past, websites like Zillow are useful resources to find out this information. You could also reach out to a local real estate agent who has access to the multiple listing service database.
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- Do Banks Ever Reassess the Value of a Home With Regard to the Home Equity Loan?
- How to Calculate Equity to Remove PMI
- How Can I Get My Original Mortgage Agreement?
- What Are the Steps to Processing a Mortgage Loan?
- What if You Disagree With a Bank Appraisal?
- What Is a Lien on the Property That Secures the Promise to Repay a Loan?