Posted on: 12th Nov, 2010 05:44 pm
I am in the process of refinancing. Received a good faith estimate and paid for an appraisal. Appraisal came back less than expected but still 80% loan to value so I should avoid PMI. Lender is trying to switch to FHA which has much higher fees.
Comparable sale 3 houses away sold in the last 6 months for $320K+. Comparables in my appraisal ranged from 300k to 330k after adjustments and the final number on the appraisal is $320K.
I am trying to borrow somewhere near 240k which would still only be 80% of the appraised amount.
Lender now not returning calls and keeps giving me the run around. I do not want to pay PMI or the FHA fees.
What can I do or who should I call to get them to honor the good faith estimate and not have to go to another lender and pay for another appraisal.
Comparable sale 3 houses away sold in the last 6 months for $320K+. Comparables in my appraisal ranged from 300k to 330k after adjustments and the final number on the appraisal is $320K.
I am trying to borrow somewhere near 240k which would still only be 80% of the appraised amount.
Lender now not returning calls and keeps giving me the run around. I do not want to pay PMI or the FHA fees.
What can I do or who should I call to get them to honor the good faith estimate and not have to go to another lender and pay for another appraisal.
You can contact other lenders and check out if they can help you with the mortgage. If you have the required equity in your property, you will be able to get a mortgage. As far as appraisal fees are concerned, you can ask this lender to reimburse it to you.