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If someone is refinancing a house they bought like a year or two ago, is it because they plan to sell it, or is it so that they won't have to pay as high a mortgage on their house?
I'm not sure I see the connection between refinancing and selling. In fact they seem to be counter to each other as you have to pay closing costs to refi and you won't have enough time to break even if you are selling in a short time frame.
Oh okay. A family friend was saying she hoped the appraiser got her hint and would appraise her house right (to her liking) and that she needs to either refinance or eat beans out of a can.
Wow, that's such a taboo subject, they wrote new regulations to make sure that the appraisals performed today are as unbiased as possible. Loan officers are no longer allowed to direct appraisals and most have to turn over the appraisal order to a third party to assign the appraiser.
Meaning, your friend may have to continue eating beans if her refinance needs to be higher than fair market value.
If I understand your question refi - lower the current mortgage. If a property owner wants to sell their home within immediate future that would be crazy. Refi is not free ... usually cost approx. $5K - or + roll into loan balance... So if the mortgage is $200K you refi your new balance is $205K - or +
Wow, that's such a taboo subject, they wrote new regulations to make sure that the appraisals performed today are as unbiased as possible. Loan officers are no longer allowed to direct appraisals and most have to turn over the appraisal order to a third party to assign the appraiser.
Meaning, your friend may have to continue eating beans if her refinance needs to be higher than fair market value.
So, she wants her refinance to be higher than fair market value?
Let's just say that your friend is smoking' hot and she decides it would be a great idea to use a DIY bikini wax kit while the appraiser is over. If she hints that she really needs the appraisal to come in over FMV and for the help the appraiser can come over any time and help with the waxing what he'd been in for is a FEDERAL FELONY and loss of his ability to make a living...
Hints that are even more subtle are not going to work either. Now the appraisals done in person are basically double checked electronically. If all the other houses sold for $250k and your friend wants an apraisal for even $275k the only way that will happen is if her house is 10%+ bigger and there are photos to prove it.
If the appraiser fudges measurements because his tape measure wasn't the only thing getting stretched out then the supervisor at the appraisal company will be double checking your friends house too...
She and her husband have a month or two old baby so maybe they need the money. She's always talking about winning the lottery...
She says in order for them to refinance in the first place they need the rate to hit a certain number.
Sounds like she is waiting for the ship to come in off the River Denial.
Tens of millions just like her, out there.
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Hmm, I don't think your friend "gets it"...
