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Originally Posted by Kobatuzzied
Hmmm that only saves me $1300 but i'm sure they will charge $300 appraisal to switch it.
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If your home is 40 years or newer, you can save money by using your property tax assessment instead of paying for an appraisal. ATB Financial will still take 75% of that figure. This will save you a couple hundred dollars, but the amount you can get for your HELOC will be lower since a property tax assessment is always lower then what it can get appraised at.
So you have to weigh the cost of how much you need/want your HELOC for versus the couple hundred dollars you can save by using your property tax assessment. Of course, there will be legal fees whether you use an appraisal or your tax assessment