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Ha. The game is so rigged. When they WANT to loan money, they take the 5 highest average comp sales and overestimate the property to say "wow, you have all this equity, no problem." When they DON'T want to make the loan (like when interest rates are 3.25%) they take the low comps and say "ewwww, your LTV is not sufficient." Then they write in a little paragraph about how their in-house calculations are all that matter, you can flush the "pro" appraisal you paid for. These cats didn't get rich by giving alot of 3% loans!! They'll sit on the stockpiles of cash and play the market a while longer if they can.
Not to be a negative nelly (who me?...never! lol) but doesn't Bethpage CU have the same LTV parameters as everybody else? Credit Unions are great but they also tend to be more accurate and thus more conservative about the value. They will provide the loan, but if LTV is not where it has to be, it will be reflected in the rate. Risk costs money, even to a friendly credit union. The OP's original problem is about LTV, not bank rates. If BPCFU can help with this, that would be great to know.
I do work in the Industry and a Heloc is certainly a bit more omplicated than it use to be, and if the Heloc is small many banks won't touch it
I can't think of anyone in the industry who uses zillow to look at home values. Until an appraisal is done, no one is going to know exactly the home will come in for. With that being said there are ways we can get an idea of what the home will come in at. If its borderline it might be worth the appraisal to see, but if the value is nowhere near what it needs to be to get the loan done, then the lender is doing the right thing by not even attempting it.
Now you said your home was appraised at $315,000 and your being told its worth $260,000. How long ago was that appraisal done?
I do work in the Industry and a Heloc is certainly a bit more omplicated than it use to be, and if the Heloc is small many banks won't touch it
I can't think of anyone in the industry who uses zillow to look at home values. Until an appraisal is done, no one is going to know exactly the home will come in for. With that being said there are ways we can get an idea of what the home will come in at. If its borderline it might be worth the appraisal to see, but if the value is nowhere near what it needs to be to get the loan done, then the lender is doing the right thing by not even attempting it.
Now you said your home was appraised at $315,000 and your being told its worth $260,000. How long ago was that appraisal done?
November 2010. Citibank said they checked Zillow and said it was $260,000 now.
November 2010. Citibank said they checked Zillow and said it was $260,000 now.
I'm sorry, but IMHO anyone who uses Zillow for current market value is NOT a professional!
"Zillow Zestimates are Zuseless"
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