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Old 12-17-2012, 05:18 PM
 
Location: The North
4,962 posts, read 8,679,624 times
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Had a motgage guy tell me if we can get my Rhodes Ranch home to appraise for $103 per sf he could save me a lot of money. Problem is comps I can find are all under that number except for one pool property. All the online property estimates are showing $90-95 per sf.

So are appraisals for refis going up much or are appraisers still being conservative? Is it worth spending the money on an appraisal or should I wait it out longer? This guy is pretty convinced its at least a 50/50 shot of hitting the number.
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Old 12-17-2012, 06:27 PM
 
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I'm doing refin my home. Just happened the appraiser came today.( I live in 89148) not Rhodes Ranch but close. Will find out the numbers in two days.
He told me some area are improving . From what i know refin you need to have 80/20 LTV at least.
Also the appraise not cheap $450 .
Good luck
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Old 12-17-2012, 06:41 PM
 
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I just finished a refi. Attempted one Jan, 2012 and this recent appraisal from Oct, 2012 was up 28% from Jan's appraisal.

The comps were there to support it though, they actually came in a little under the comps.

I wouldn't bother until the comps are solidly supporting the number you need, meaning truly comparable sales within the last 3 months and a 1 mile radius.

My appraisal was $450 as well. I got 3.375% 30 year fixed, paid nothing for the loan (all costs were paid by lender discount points).
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Old 12-17-2012, 07:31 PM
 
Location: ( ͡ ͜ʖ ͡) (╯□)╯︵ ┻━┻ ̡
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Old 12-17-2012, 10:19 PM
 
52 posts, read 172,465 times
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Hi,
I just completed my refinance in Rhodes Ranch. It took quite a while (5 months) b/c it took so long, I had to do a 2nd appraisal for the bank. The 2nd appraisal came in approximately 10% higher than the first. However it was app $99/sqf.
Hope this helps, would def be worth it if you have to bring any cash to the table.
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Old 12-18-2012, 08:58 PM
 
12,973 posts, read 12,142,160 times
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Try and duck for another few months. April or May. Things have gone up like a house a fire but it is hard to get full impact in a particular tract.

Appraisals always trail. And sometimes they are conservative on generally principles.

I don't see any real likelihood of a downturn so their should be limited downsize risk.
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Old 02-05-2013, 09:37 AM
 
Location: The North
4,962 posts, read 8,679,624 times
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So following up on this question, lets say appraisal comes in just short. Does it matter the source of funds I use if I want to pay down some equity to make PMI go away? I have some unused capacity on a HELOC from another home, can I use that without an issue? I just looked at the tax forms and saw I paid $1900 a year for PMI, even borrowing a reasonable amount at 4% seems better than still paying PMI.
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Old 02-05-2013, 10:09 AM
 
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You should be fine as long as borrowing that money on the HELOC doesn't push your total debt to income ratio over whatever the lender allows (since the HELOC monthly payment would increase).

To make your life easy, I would pull whatever amount you're willing to from the HELOC three months prior to applying for the refi and have the funds in your savings/checking for two full statements (without showing the deposit from the HELOC) on it, so the funds look seasoned and so the initial credit pull the refi lender uses will already include your "HELOC funds". That would be the "safest". Worse case you'd paid a few extra months interest on the HELOC funds if you didn't need them.

Quote:
Originally Posted by Willy702 View Post
So following up on this question, lets say appraisal comes in just short. Does it matter the source of funds I use if I want to pay down some equity to make PMI go away? I have some unused capacity on a HELOC from another home, can I use that without an issue? I just looked at the tax forms and saw I paid $1900 a year for PMI, even borrowing a reasonable amount at 4% seems better than still paying PMI.
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Old 02-05-2013, 10:17 AM
 
Location: The North
4,962 posts, read 8,679,624 times
Reputation: 3832
Quote:
Originally Posted by WestieJeff View Post
You should be fine as long as borrowing that money on the HELOC doesn't push your total debt to income ratio over whatever the lender allows (since the HELOC monthly payment would increase).

To make your life easy, I would pull whatever amount you're willing to from the HELOC three months prior to applying for the refi and have the funds in your savings/checking for two full statements (without showing the deposit from the HELOC) on it, so the funds look seasoned and so the initial credit pull the refi lender uses will already include your "HELOC funds". That would be the "safest". Worse case you'd paid a few extra months interest on the HELOC funds if you didn't need them.
Thanks, I figured worse case scenario I would do this. Just was wondering does it even matter if I just want to remove PMI and not refinancing. My best guess right now is I should be right around the 78% LTV to remove PMI, but maybe not at the 75% LTV to get a refi on a non-owner occupied home.
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