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Old 05-08-2013, 09:30 AM
 
1,134 posts, read 2,334,682 times
Reputation: 1947

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So we are/were going through the process of refinancing.

Long story short, our house came in less than 2% low of what we needed it to hit. which is very aggravating as the appraiser knew the exact number that we needed and we have only been in the house about 16 months and the market around has has definitly not gone down. just appears to be a lack of good comps.

So now we are faced with a few options, wait for better comps to come in(who knows how long that will take and if any good comps will even come in), come up with the extra 2% in cash (payoff on this will be about 4 years and im not exactly thrilled to have to come up with this money out of pocket..) or stay at the rate we are at now.. (probably not the wisest decision)

Are there any other options that im missing? has anyone been in a similiar situation.

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Old 05-08-2013, 10:00 AM
 
Location: US
24,088 posts, read 24,304,518 times
Reputation: 19237
I deal with this often...

What is your current PITI?
What is your proposed PITI?
How much is 2%?
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Old 05-08-2013, 10:27 AM
 
3,805 posts, read 8,878,562 times
Reputation: 4976
The appraiser did not know what number he was supposed to hit - - unless you found some kind of Hot Tub Time Machine that took us back to 2004. They don't get that info any more.

Is your present loan carrying tax and insurance escrows? What is your present rate, and the proposed rate on the refinance? If you've only been in the place 16 months, you should be getting a rebate on your title policy, at least. Maybe the lender can participate and Credit some of your costs. I always say "half of something is better than 100% of nothing."

Also - is your loan FHA/USDA or VA? You can do a no-appraisal Streamline refinance, perhaps.

One big thing is the escrows, and exactly when your taxes are due. Please answer the above so that we may dig deeper.
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Old 05-08-2013, 11:01 AM
 
1,134 posts, read 2,334,682 times
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Quote:
Originally Posted by Pfhtex View Post
The appraiser did not know what number he was supposed to hit - - unless you found some kind of Hot Tub Time Machine that took us back to 2004. They don't get that info any more.
He knew the exact number, trust me...

Quote:
Is your present loan carrying tax and insurance escrows?
yes

Quote:
What is your present rate
4.5%

Quote:
and the proposed rate on the refinance?
3.625%
Quote:
If you've only been in the place 16 months, you should be getting a rebate on your title policy, at least. Maybe the lender can participate and Credit some of your costs. I always say "half of something is better than 100% of nothing."
yes there is lender credits already factored in

Quote:
Also - is your loan FHA/USDA or VA? You can do a no-appraisal Streamline refinance, perhaps.
it is not, its a conventional loan with PMI
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Old 05-08-2013, 11:08 AM
 
Location: Up above the world so high!
45,242 posts, read 96,280,283 times
Reputation: 40140
Quote:
Originally Posted by chris410 View Post
He knew the exact number, trust me...
He wasn't supposed to, it's illegal now to share that info
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Old 05-08-2013, 11:17 AM
 
Location: US
24,088 posts, read 24,304,518 times
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Quote:
Originally Posted by lovesMountains View Post
He wasn't supposed to, it's illegal now to share that info
^^^
VERY illegal
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Old 05-08-2013, 11:21 AM
 
3,805 posts, read 8,878,562 times
Reputation: 4976
When are your property taxes due? How much $$ is in your escrow account? I'm assuming you have 6-8 months of homeowner's Insurance in the account.

The aggregate calculation of the amount of $$ needed to set up your escrow account is important here, as it's likely the biggest chunk of manipulate-able cash in play. Hopefully....
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Old 05-08-2013, 12:07 PM
 
3,020 posts, read 8,152,064 times
Reputation: 3260
Quote:
Originally Posted by chris410 View Post
So we are/were going through the process of refinancing.

Long story short, our house came in less than 2% low of what we needed it to hit. which is very aggravating as the appraiser knew the exact number that we needed and we have only been in the house about 16 months and the market around has has definitly not gone down. just appears to be a lack of good comps.

So now we are faced with a few options, wait for better comps to come in(who knows how long that will take and if any good comps will even come in), come up with the extra 2% in cash (payoff on this will be about 4 years and im not exactly thrilled to have to come up with this money out of pocket..) or stay at the rate we are at now.. (probably not the wisest decision)

Are there any other options that im missing? has anyone been in a similiar situation.
"the appraiser knew the exact number" you "needed to hit"??? You are suggesting that the appraiser do something illegal. And if you had coerced him, you MIGHT have been a party to fraud.
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Old 05-09-2013, 12:48 PM
 
Location: Annandale, VA
5,094 posts, read 4,919,721 times
Reputation: 4221
Quote:
Originally Posted by lovesMountains View Post
He wasn't supposed to, it's illegal now to share that info

Baloney. I just got the formal appraisal for the house I am buying last week. The first section stipulates that the appraiser knew the purchase price and the amount of the proposed loan.
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Old 05-09-2013, 01:07 PM
 
5,234 posts, read 13,388,728 times
Reputation: 4432
Quote:
Originally Posted by Spaten_Drinker View Post
Baloney. I just got the formal appraisal for the house I am buying last week. The first section stipulates that the appraiser knew the purchase price and the amount of the proposed loan.
True for purchases. Not so for refinances.
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