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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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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.
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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