HELOC based on Assessment Only

4 Replies

Does anyone recommend any credit union that would do a HELOC based on tax assessment, not appraisal?

I live in Wisconsin (Milwaukee area) so I need on that is either national or local that would be able to do this. I know its tough to find now, any help will be appreciated!


A tax assessment is not usually a very reliable indicator of value. Every lender I've ever used for a mortgage, cash-out refi, and/or a HELOC has required an appraisal. Is there a reason you'd prefer not to have an appraisal done?

Cant imagine you will find that anymore, as recent as a years ago my old banker would do an "in house" eval based on Tax assessment and and some local comps I could email over from MLS (I'm a broker) but under new Fed regulations, they need a real valuation, either a BPO or an Appraisal, I've been paying around $200 for BPO's when I get a loan, just call it the price of doing business.

haha - I'm not saying it's impossible but It's Impossible! j/k It's taken me a bit just to find a bank willing to do a 80% LTV refinance based on appraisal if the property was just recently purchased. I would be curious if you do find a bank that does refi's solely based on city assessments (For one I'll make sure I don't keep any money in an account there, and 2 that would be a sign to start selling my buy and holds)

@Julia Amelyan

I recently got a Heloc and I live in Milwaukee. I contacted several local credit unions. While none of them will use the assessed value instead of an appraisal, some of the lenders would simply use a computer generated appraisal that didn't require someone actually going to your house. There was no charge for this. However, the higher LTV that you were wanting usually required an in person appraisal (Over 80%LTV). There are lenders that went up to 100% LTV but you will be paying a higher interest rate.

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