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Refinancing a home using previous appraisal? Need refinance help!

Hi all - I'm really interested in refinancing my house, but am not sure the best route to go about it, and could really use some experienced advice.  I've done a lot of research on mortgages and such, but still need some help!!!  Some quick background details -

- Been in the home 3 1/2 years - paid $126,400 for it, and used an 80/20 loan to do so.  80 loan was a fixed 30 year, at 5.75%; the 20 was a 15 year at 6.6%.
- We almost refinanced in August with an online lender, but pulled out near the end of the process because the closing costs crept higher and higher, and weren't happy with the communication (or lack thereof) we were getting.
- But...we did an appraisal, at a cost of $525, for that refinance.  The appraisal came in at $126,000.

With all that said, we still really want to refinance to take advantage of low rates, and to lower our monthly mortgage payment to help with other costs.  My questions, then -

- Is it possible to refinance through a reliable lender using the appraisal we just did? It doesn't seem like much, but we'd really like to not eat that $525, and go through the appraisal process again...it was on 8/29/11, and from a nationally licensed appraiser.

- Our current loan balance is roughly $113,000, which leaves us at 89% loan to value.  Is there any way to combine the 2 loans into one at that LTV (we're ok with some PMI)?

We're looking at 30 year fixed loans, and plan on staying in the home at least 4 more years...and, if it helps better answer, we have excellent credit.

Thanks to any advice or suggestions anyone can give!!!!!!
  • November 27 2011 - Bangor
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Answers (2)

Best Answer

Youll need a new appraisal. Technically you will need a 'new' appraisal, even with the same lender, let alone a new lender. New date, new value, period. Appraiser A also may not be only Lender B's list. ALSO we now worth through AMCs, appraisal middle men, who take a portion of your fee. That appraiser probably only got $350 out of your $525. Having AMCs take a portion of our fee almost always guarantees youlll pay for a new appraisal with a different lender.

If you double or triple app'd, (applied with multiple lenders at the exact same time) you would also need to pay for 2 or 3 appraisals, you could not use one for mulitple app's.

Since you already paid once, see if you can get the new mortgage broker/lender to reimburse you for your NEW appraisal with them at closing, sometimes you might get that. That fee will probably, though, come right out of the pocket of your mortgage guy.... Worth to give it a shot.

  • November 27 2011
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"Since you already paid once, see if you can get the new mortgage broker/lender to reimburse you for your NEW appraisal with them at closing, sometimes you might get that.That fee will probably, though, come right out of the pocket of your mortgage guy.... Worth to give it a shot. "

While in theory, it sounds great, but it's also not possible. If you get a credit for the appraisal at closing it won't come from the loan officer; that is now illegal and no portion of the loan officer's commission can be rebated to the borrower. If the loan officer is supposed to make 1%, they make 1% and not a penny less or more. The only way to get the appraisal credited by the lender at closing is to increase your loan amount or use any leftover rebate that results from an increased rate. 

And Vince is right. You have zero chance of using that appraisal.
  • November 27 2011
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