Posted on: 08th Mar, 2009 08:22 pm
i recently tried to refinance my home in las vegas. i've paid on it for 8 years without once being late. i have an 800 credit score. great income to debt ratio. a few thousand in the bank. no balances on my credit cards. my interest rate is 6.875 now and would have been 5.375 resulting in quite a drop in payment monthly. (both were 30 year fixed). i was denied because my appraisal came in below my loan balance by a couple thousand. i couldn't believe it. is there a course of action that i can take to persuade them to change their minds? this was wamu/chase that denied me. i also filled out application for wells fargo whom i am currently with but they wanted $425 up front for the appraisal with no guarantees of approving my loan so i passed.
Hi mootbrewt
If the value of your property is less than what you owe to the lender, then the lenders will have the right to deny refinance. You can apply to them, but I doubt whether they will change their minds. However, if you have doubts regarding the appraisal of the property, then you can contact another property appraiser and get the property appraised once again. This will help you to know the exact value of the property.
Thanks.
If the value of your property is less than what you owe to the lender, then the lenders will have the right to deny refinance. You can apply to them, but I doubt whether they will change their minds. However, if you have doubts regarding the appraisal of the property, then you can contact another property appraiser and get the property appraised once again. This will help you to know the exact value of the property.
Thanks.
The government announced a new program that will allow you to refinance up to 105% LTV of the current value of the home. YOu may not even need an appraisal depending on the lenders initial automated findings.
It's called the affordable home refinance program. I can't link for you but you can find all of the guidelines in a new article on our website where we have broken down who qualifiese and how to obtain one. They start being offered to the public next month.
It's for responsible home owners like yourself to get a lower more affordable monthly payment even if your home has declined in value. Sounds perfect for your situation.
It's called the affordable home refinance program. I can't link for you but you can find all of the guidelines in a new article on our website where we have broken down who qualifiese and how to obtain one. They start being offered to the public next month.
It's for responsible home owners like yourself to get a lower more affordable monthly payment even if your home has declined in value. Sounds perfect for your situation.
i'd not bother to try to obtain another appraisal. if you do, you'll be spending valuable money, and the likelihood that a lender would accept an appraisal you had done for yourself is slim, at best, and nearer to zero than 1%.
