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Old 03-02-2012, 01:38 AM
 
181 posts, read 698,255 times
Reputation: 85

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Thinking to refinance my mortgage. But not sure where to go. Please
recommend the one trustworthy. Thank you.
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Old 03-02-2012, 05:57 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,800,100 times
Reputation: 3876
I sent you a PM with the names of two mortgage brokers that I refer to my clients. Both are very good, and you can check with both of them for comparison.
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Old 03-02-2012, 07:14 AM
 
Location: Cave Creek, AZ USA
1,775 posts, read 6,364,246 times
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Bill, would you please do the same for me? Thanks.
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Old 03-02-2012, 08:15 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,800,100 times
Reputation: 3876
Quote:
Originally Posted by Rick Lee View Post
Bill, would you please do the same for me? Thanks.
Will do
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Old 03-02-2012, 07:01 PM
 
Location: Rural Michigan
6,341 posts, read 14,720,891 times
Reputation: 10550
I had great luck with Desert Schools fcu on both my rentals. Anyone who lives or works here can join.
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Old 03-03-2012, 09:50 AM
 
2,807 posts, read 3,188,932 times
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I have a related question and instead of opening a new thread I thought I would ask here (hope this is ok): wat will likely give uyou a higher or lower value, a BPO or a formal appraisal? Should they always be the same? What is your experience?
Thanks, PL
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Old 03-03-2012, 11:54 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,800,100 times
Reputation: 3876
Quote:
Originally Posted by Potential_Landlord View Post
I have a related question and instead of opening a new thread I thought I would ask here (hope this is ok): wat will likely give uyou a higher or lower value, a BPO or a formal appraisal? Should they always be the same? What is your experience?
Thanks, PL
A BPO (Brokers Price Opinion) is an Opinion of Value by a real estate agent, usually ordered by a bank for their REO's.

An Appraisal is a formal valuation by a licensed appraiser, that may also be ordered by a bank for an REO, or for a Short Sale property.

In getting a mortgage to purchase a home, the lender must order an Appraisal.

As to which is more accurate, that's anyone's guess. Appraisals during the past few years have been notoriously conservative. So are they accurate; perhaps they are too low.

A BPO may also be low, or high, depending on the agent who is doing the BPO.

A real agent can quickly run a CMA (Comparative Market Analysis), and arrive at a current market value that may be as close as a BPO, or an Appraisal.
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