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Answers (6)
- Clay Branch, "Georgia Loans"
- Contributions:7836
I understand the realtor wants to help but you will need an appraised value of $214K or more to combine the loans for a conventional loan and $208K for an FHA loan. While Zillow's estimated value is not the best predictor, I doubt it is that far off. You could always submit your loan assuming $214K value, then if it comes in much lower you can simply change programs from a standard rate & term to a Harp refinance on the 1st only. BTW, it doesn't matter what a CMA results are either, the only thing that matters is the value established by an appraiser.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
I would contact a realtor to give you a market analysis for the exact value of your home
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1. following that "advice"a waste of time because a real estate agent is not an appraiser.
2. if your primary loan is HARP eligible (or FHA or VA) then the value is irrelevant
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1. following that "advice"a waste of time because a real estate agent is not an appraiser.
2. if your primary loan is HARP eligible (or FHA or VA) then the value is irrelevant
- Fatin Beiner, "beinerteam"
- Contributions:33
Speaking to a reputable mortgage broker will be the way to approach this first. Using the zillow zestimate, is not the best way to get an appraised value on your home, it is really a ball park figure, but never use it as the current value on your home. Second step, I would contact a realtor to give you a market analysis for the exact value of your home. You go back to your mortgage broker with the appraised value, then you will be able to get all the pieces put together and get your refinanced mortgage. I dont know where you live, but if you need a great mortgage broker, i can supply you with couple of them and you can speak with them over the phone. good luck
- Clay Branch, "Georgia Loans"
- Contributions:7836
A Harp refinance does not allow for combining 2 liens but you should be able to refinance the 1st and re-subordinate the 2nd.
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
Talk with a lender, in fact shop around. Make sure to compare apples to apples and they will walk you through it, where you are at now, what if anything you need to work on and etc. What your house would need to appraise for and etc. The Zillow estimate, guesstimate is just that, a ball park at best. Talk with a local lender and see what they can do.
Good luck.
Spirit
Good luck.
Spirit
- niceguy634
- Contributions:2
Can I get a nice clean harp loan for 200K @ the low interest rates of today?
I want to re-fi
Current Line of credit: 35,000
House Value: 167,000 (According to zillow)
loan was setup in 06 or 07 - has not been touched since
I want to lump it all into one loan - can i refi - what are my options?
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