Posted on: 17th Oct, 2012 02:27 am
i bought my house for $252,000 in the beginning of the year. i have decided to refinance the home as i want to reduce the interest rates further and my family wants to stay in the property for a long period of time. when i applied, the lender ordered an appraisal of the property. to my shock, the appraisal came 4k lower!! how can property value reduce within months? does it make sense to refinance the mortgage with a pmi even after a faulty appraisal? any thoughts?
Hi Guest,
You can't help if the appraisal shows that your property has reduced in value. Property prices are still declining. So, there's hardly anything that you can do. However, if you still don't accept the appraisal, then you can look out for factual errors in the report and request the appraiser to go for a second appraisal.
Thanks,
Jerry
You can't help if the appraisal shows that your property has reduced in value. Property prices are still declining. So, there's hardly anything that you can do. However, if you still don't accept the appraisal, then you can look out for factual errors in the report and request the appraiser to go for a second appraisal.
Thanks,
Jerry
Hi Guest!
Welcome to forums!
Property value can get reduced. There is nothing surprising in it. As Jerry has suggested, you can check out if there are any factual errors in the appraisal report. If not, then you can pay a certain amount and build equity in your property. Then you can refinance the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Property value can get reduced. There is nothing surprising in it. As Jerry has suggested, you can check out if there are any factual errors in the appraisal report. If not, then you can pay a certain amount and build equity in your property. Then you can refinance the loan.
Feel free to ask if you've further queries.
Sussane
Google "home appraisers" on the NY Times site. Good article on the 12th of this month. All depends on what's sold. Maybe you paid too much initially. Lots of possibilities and appraisers do not have a commission interest in the deal.
It was only 4k lower? That'd bring a smile to my face if it were my appraisal.
It can make sense to refinance with PMI.
It depends on your credit scores, present mortgage rate versus new mortgage rate, what the PMI payment will be and how long it will last and how long you plan to live in the property.
We know none of that data, so, at this time can only say it may or may not make sense.
It depends on your credit scores, present mortgage rate versus new mortgage rate, what the PMI payment will be and how long it will last and how long you plan to live in the property.
We know none of that data, so, at this time can only say it may or may not make sense.
