Trying to Refinance my home (& consolidate some bills). 1 year ago it was appraised at $410k. In the middle of this process, my lender indicated that 2 different appraisers indicated that it’s only worth $350k compare to other similar homes in my area. although they haven’t come out to do the appraisal yet.
Refinance Appraisal Problems. When you’re refinancing, there’s really only one appraisal problem that matters — having the value come in too low. If your appraisal doesn’t hit the value that you’re expecting, you could end up not being able to get a refinance loan at all or not being able to pull out as much cash as you expected. There are ways to manage this issue, however.
What to do if your appraisal is low. It’s more likely that the first appraisal will stick, but you still have options for refinancing. Let’s say your home is appraised for $180,000. You still owe $162,000 on the mortgage, which is 90 percent of the value of the home.
What to do if the appraisal comes in too low. What do you do if your appraisal comes in lower than you believe to be the true value?
The refinance appraisal does not have this one additional value indicator. so the chance of you getting the same appraiser (if it's with the same lender) is low. value increased $20,000, why is my $399,999 price too high?
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Refinance but the Appraisal is Too Low I want to refinance my home but the bank told me that I can’t do it because the appraisal came low, appraisal $310,000, loan $297,000.. This is a more.
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“We were none too pleased,” said Stefan. But fannie mae flagged the appraisal as suspiciously low and ordered it to be reviewed, during which time the rate lock for the Coles’ refinancing expired..
A low appraisal does not mean the lender won’t lend. It means the lender will make a loan based on the ratio agreed to in the contract at the appraised value. Sometimes the buyer’s lender will not allow the buyer to give cash for the difference and, in that event, have the buyer pay instead some of the seller’s closing costs.
Refinancing can be a good option for homeowners who want to change the type of home mortgage they have, lower their home loan interest rate, adjust the length of their mortgage or get an.