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Question about appraisals

Sorry if this is a repeat question. When we purchased our house 2 years ago the appriased valued of the house was 155,000 the property was appraised at 20,000. Purchase price was 135,000 with nothing down at 6.5%. Balance is 132,000.00 We are wanting to refinance (no cash out) to take advantage of the lower interest rates. I would assume that a new appraisal would be needed. My question is,,,,do the lenders look at just the appriased value of the house or the combined total of both house and property?  With just the figures,  does it seem like a refiance is possible? We did ask our current lender and they said no based on the loan to value ratio.

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March 24 2009 - Birmingham
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Profile picture for brownidblonde

I just wanted to let everyone know that we were able to refinance and even better, we were able to get rid of all the PMI we were paying.  So a nice refiance with closing costs under $1200.00 at 4.675 for a total savings of $283.00 a month.

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May 02 2009
BB,

An appraisal is around $300.00. To satisfy your curiosity it should be worth it. And, if it comes in better than expected you may be able to refinance. ... Good luck, Rudi
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March 24 2009
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I doubt that our home and property has dropped $55,000 in value in 2 years. It appaised for 155,000 for house and 21,000 for property. (176,000) purchase price was 135,000. I understand that the lender looks at the amount of the originial loan and the balance left, which is why I was interested in the appraised value and what it would consist of.

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March 24 2009
BB,

I agree with your current lender. You property value has gone down at least 25% in the last two years. Guessing, it's current value around $120,000. Can't get a $132,000 loan on a property worth $120,000. Good luck, Rudi 
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March 24 2009
this is a good question. In general, the appraisal report will include the value of the structure, improvements and land, but residential reports typically limit the value of the land to 5 acres. Anything beyond 5 acres will not be considered when underwriting the loan, and may in fact disqualify the property for some programs.
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March 24 2009
Your appraisal report will indicate a current market value which includes land and improvements (building).  Your lender will underwrite your loan application, in part, based on the market value as determined by an approved appraiser.
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March 24 2009
 
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  • Asked by brownidblonde
  • In Refinance
  • March 24 2009
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