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Replies (6)
- John Montgomery, "JBMONTY"
- Contributions:76
What do you owe on your loan currently and how long have you been in the home? What did you pay for it then? Do you know what type of loan you have, whether it's an FHA, Conventional, etc...?
If you have an FHA loan, you may not need an appraisal. Same thing if you have a conventional and it's a Fannie Mae or Freddie Mac loan
If you have an FHA loan, you may not need an appraisal. Same thing if you have a conventional and it's a Fannie Mae or Freddie Mac loan
- shapiroamg
- Contributions:3058
Depends on how low the appraisal is. What amount are you looking for in a new loan and what do your think the appraisal will come in at?
- Thomas Hall, "Tennessee Loans"
- Contributions:381
We'll need your answers to John's questions to help you.
- AverageGuy
- Contributions:7
Apologies, I did not realize there were replies to my original post.
need some practical advice if anyone can offer:
Here's the background.
-I paid 170K for a small starter home in 2006, not long before the whole realestate market unraveled.
-I financed it 100 percent with a mortgage and a piggy back home equity loan. (I had money saved up but since the
financing was available, and I knew as a single guy that the mortgage would be an adjustment, I held on to my
money to keep an emergency fund available, etc.).
-mortgage rates were "lower than they'd been ever." I pay 6.125 for my first mortgage 135k at 6.125 and 35K at
7.99 for the second piggy back eq. loan.
-I've improved the home materially to the tune of 11k
Where am I now?
-My house was recently appraised at 160k (amounting to a depreciation of 10k even considering the upgrades.
It seems as though it would make sense to refinance, but since my equity has been washed out by the market and
subsequent depreciated valuation of my home, it looks like I would need to 'bring money to the table' to
refinance.
In other words, my appraisal has hurt the process.
Is there a scenario where I could still take advantage of refinancing without throwing good money
- Mark Wilkins, "TheMortgageMark"
- Contributions:349
Refinancing Help Needed
I am currently going through the application process for a refinancing of my home. I currently have bad rates and think I could breakeven pretty quickly.
However, I am concerned that the appraisal will suggest that my home is worth less than what I paid for it. What are the possible outcomes or considerations if that happens?
Thanks,
AG
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