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Would it be to my advantage to pay for an appraisal and then try to refi?

I have done many updates to my home and I feel it may be worth more than what I'm seeing on websites. I have never actually had a real in home appraisal. I would like to refinance but I may have to use the HARP program because without an in home appraisal my house is showing that I'm "upside down". Even if I get my home appraised and it is worth say what I owe on it, would I then be eligible for a standard refiance loan or would still qualify for harp?

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April 22 2013 - Quakertown
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Answers (4)

The lender will get another appraisal done for the refi. So I would just suggest you get it done at that point.
If not you will be paying for two appraisals and what's to say if the bank appraisal comes in low after tour appraisal comes in at what you paid. Challenging a appraisal can be hard to do some times.
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December 02 2013

Take advantage of the HARP program if you qualify for it.  Why pay for an appraisal if you don't have to. 

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April 22 2013
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I got the same question.But I decide do the refinance last week, the apraisal came out only 1% more than I bought my condo in 2011. I got cash out $20K and PMI is $55.30 a month for 2 years (20 year loan). My current loan is 78% (30y/5%). Good luck to you. If I cancel my loan I will loose $410 appraisal fee.
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April 22 2013
Two issues with your scenario.  Any lender that you will work with will need an appraisal performed by their company.  Most lenders use the services of an appraisal management company. 

The second is, if you qualify for HARP, why would you not take advantage of this prgram?  Many of our approvasl are without an appraisal requirement.  IF you appraise at our around what you owe on the home you will be subject to mortgage insurance.  If you go HARP, you can transfer whatever you pay now.  if you have no MI, you won't have MI with new loan.  If you do pay MI it will just be transferred to new loan.  I hope that helps.  Best of luck!

Feel free to reach out to me through my profile. 
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April 22 2013
 
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