Need to Refi

Hi japeek,

You will get a mortgage depending upon the appraised value of the property. You cannot get a mortgage more than that value. Thus, I don't think anyone of the lenders will be able to help you with a loan of $185k.

Thanks

Well, the appraiser said my house is worth that much. All the short sales and foreclosures are really hurting the value. I know I can do the goverment home affordable refi up to 125LTV but I need the 2nd lien paid off in which they probably would do that. Just need to do a rate/term but the market is really messing things up.

Hi japeek,

I can understand your concern but it will depend upon the lender as to how much amount of loan he will provide you. You can negotiate for the loan amount with the lender but it will be his discretion whether or not you'll receive the amount asked for.

Thanks

Your appraiser should be basing the comps of the current market of sold homes and pending sales. If this was me, I would research every sale in the last 6 mos, as well as all the active listings, or pending sales. If you can find more value, you can instruct the appraiser to rebut the value and adjust based on new comps you find. With the new changes in appraisals, and that we as lenders must use a Appraisal Management Company, the borrower is the one who is suffering. Appraisers are not as willing to work on corrections, as they dont get paid for them and the AMC companies have taken a portion of their earnings.