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Answers (6)
Best Answer
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
The appraisal when completed is usually good for a few months so I am not sure what the disconnect. What is the value and how much are you borrowing.
- Frank Festa, "Frank J Festa"
- Contributions:1188
Anjeldee: Did your Lawyer say anything? Regards,
- anjeldee
- Contributions:2
It is under the HARP program and it is with my current lender Wells Fargo. I feel that this was human error ( saying they did not receive the subordination in time to close which in fact they did) I am now questioning them on this and they are telling me that if the property value fell (from 340,000 to 337,000) before they received the subordination this would have happened anyway. I guess I need to know if in fact this is true. I am paying 1/2 a point but now because of this mishap I am paying .25 more at no fault of mine.
- Frank Festa, "Frank J Festa"
- Contributions:1188
Anjeldee: I have found that a lender will do a search on the day of the closing and if they, for any reason, are not happy will not attend! Regards,
- Robin Armstrong, "Robin Armstrong"
- Contributions:152
I am assuming you are refinancing under the Home Affordable Refinance Program. Are you applying with your current servicer?
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Value can effect pricing on a conventional loan. If your loan to value changed enough to switch you into another LLPA bracket.
Essentially if you crossed a 0 or 5 (i.e. 70%, 75%, 80%) LTV then it can change. If your loan to value went from 67% to 69% then it won't effect pricing; however if it went from 69% to 71% it can effect pricing.
Essentially if you crossed a 0 or 5 (i.e. 70%, 75%, 80%) LTV then it can change. If your loan to value went from 67% to 69% then it won't effect pricing; however if it went from 69% to 71% it can effect pricing.
If you are locked into a rate and your property value drops by $3000 would they bump up your rate?
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