Robert W. Szumilas's Q&A

I don't speak for all lenders or banks, but I would not.  The reason for this is that your appraisal may be biased to a predetermined value, and I don't want to provide a bad appraisal to an underwriter.  Also, there is no guarantee that the appraiser you chose is approved by any bank I work with. The bottom line is If you came to me, or any mortgage consultant or bank loan officer I know, a  new appraisal would be ordered.

You should put in a quote request through Zillow.  Mortgage professionals who service North Carolina will bid on your request, and will have better information to provide you with a GFE.  Good Luck!

I don't like to speculate about real-estate prices or mortgage rates, but at the very least if you are looking to purchase in the next few months, now is a good time to choose a loan officer or broker to preapprove your financing for a purchase.  This entails having your assets, income, and credit reviewed.  Furthermore, after your consultation, you'll have a good idea of how your housing payments will look, and you may budget accordingly, as well as choose an ideal price range.  You may also find issues on your credit report that you'll have plenty of time to remedy.Rates change on a daily basis, so my only advice in regards to mortgage rates is to check with your mortgage consultant as you get closer to making a decision and/or signing a contract.  Rates should stay relatively low in the immediate short-term, but what exactly will happen in 3-5 months is anyone's guess.

I agree with Rob.  Put 20% down, as long as it doesn't constitute your whole liquid net worth and wipe you out. That would be my only exception, as you should always have some liquidity. Don't forget about closing costs you have to take into account.Rob S.

You need to take the new numbers from a proposed refinance and compare it side-by-side with your existing financing.  What I generally do with my clients is to calculate the "break-even" point of when the closing costs are paid for with the monthly savings of the loan.  Also, a lot of my current refinances are keeping the same payments, but shortening the time, i.e. they currently pay $2000.00 per month and have 25 years left, and they refinance into a 20 year at roughly the same monthly payment. Rob Szumilas