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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.
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.
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.
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....
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.
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.
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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