Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

appraisal and get a mortgage

Author Message
kirkpatrick

Guest







Post Posted: Fri Apr 27, 2007 1:06 pm    Post subject: appraisal and get a mortgage
Like 0
Dislike 0

few months back my DH got a house from his mother all title clear and we are planning to get a mortgage to do some changes on the house. firstly we want to get the house appraisal while lenders want to their own appraisal and charge us the fee with the closing cost, we ourselve wanted to make sure about the value as the real full value is not known as no appraisal done to a number of years now, how should we know the value it is now, and for taking the loan, if we contact too many lenders would it affect the credit score as they all will be pulling the credit report.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
brenda

Guest







Post Posted: Fri Apr 27, 2007 1:19 pm    Post subject:
Like 0
Dislike 0

Quote:
if we contact too many lenders would it affect the credit score as they all will be pulling the credit report.


All inquiries within a period of 45 days are treated as a single inquiry, so contact a few lenders and have them pull your report within this time period only. This will result in only 1 inquiry showing up on your report and very less reduction in your score.
Icon Mini Profile colin
colin
Moderator



Joined: 30 Jun 2006

Posts: 582
Location: Waltham, Massachusetts
112.65 Dollars($)
Post Posted: Fri Apr 27, 2007 1:35 pm    Post subject:
Like 0
Dislike 0

Hi Kirkpatrick,

Welcome to Mortgagefit forum.

Quote:
firstly we want to get the house appraisal while lenders want to their own appraisal and charge us the fee with the closing cost, we ourselve wanted to make sure about the value as the real full value is not known as no appraisal done to a number of years now, how should we know the value it is now


To get an estimate of how much worth your house presently is you can contact a certified appraiser in your area and have the house appraisal done.

That way you will be able to know its present market value and accordingly take out a mortgage for the amount you will need.

Colin
Icon Mini Profile jerry
jerry
Moderator



Joined: 17 Oct 2005



Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
Post Posted: Sat Apr 28, 2007 2:46 am    Post subject: credit inquiries on report
Like 0
Dislike 0

Hi Patrick,

Inquiries on credit report do not have serious affect. And, even if there are inquiries, you can remove them from your report. You can read more on this issue from a discussion on Credit Inquiries.

Thanks,
Jerry
Icon Mini Profile mikeshapiro
mike.shapiro




Joined: 04 May 2007

Posts: 67
Location: Phoenix, AZ
27.55 Dollars($)
Post Posted: Fri May 04, 2007 9:59 pm    Post subject:
Like 0
Dislike 0

Yes you can have multiple lenders pull your credit and it will not be effected if done within 45 days.

For appraisals, you can get one done without any issues to realize the true value. Make sure you are confident in the lender you choose before you get the appraisal done however, appraisers by law cannot transfer the appraisal into another lenders name. I'm an appraiser Smile

Good luck!
Kale

Guest







Post Posted: Mon May 07, 2007 2:49 am    Post subject:
Like 0
Dislike 0

Hi Mike,

I would be buying home and are in talks with a few lender. Do you think i should get my home appraised with the one i prefer or do i use the lender's appraiser?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10250
Location: ALASKA
1043.57 Dollars($)
Post Posted: Mon May 07, 2007 2:54 am    Post subject:
Like 0
Dislike 0

Welcome Kale,

The appraisal can be carried out by the appraiser you have appointed or else the lender may appoint an appraiser. But if you do not avail the services of the lender's appraiser, then the appraisal will be reviewed by the lender and then accepted.
Icon Mini Profile mikeshapiro
mike.shapiro




Joined: 04 May 2007

Posts: 67
Location: Phoenix, AZ
27.55 Dollars($)
Post Posted: Tue May 08, 2007 5:52 pm    Post subject:
Like 0
Dislike 0

That is correct.

Also some lenders, primarly the larger ones will not accept appraisals from an appraiser who is not on their approved list. If you get an appraisal done by an appraiser who isn't on their list, it can slow down the process. They will try to get the appraiser approved first, if they cannot get the appraiser approved they will require a second appraisal.

My sugguestion would be to ask the lender if they have an approved appraiser list, or if they can use any licensed appraiser, if you really want to use your own appraiser. Otherwise I'd just let them take care of it.
Kale

Guest







Post Posted: Wed May 09, 2007 4:17 am    Post subject:
Like 0
Dislike 0

Thanks for your reply Mike.
Icon Mini Profile Caron
Caron
Moderator



Joined: 19 Jul 2005

Posts: 1519
Location: florida
281.04 Dollars($)
Post Posted: Wed May 09, 2007 4:26 am    Post subject:
Like 0
Dislike 0

Welcome to our forums Mike

Hope you will feel happy while sharing your knowledge and experience here with our community.

Nice to have you here. Smile

Hope you will have fun too
Icon Mini Profile mikeshapiro
mike.shapiro




Joined: 04 May 2007

Posts: 67
Location: Phoenix, AZ
27.55 Dollars($)
Post Posted: Wed May 09, 2007 10:04 am    Post subject:
Like 0
Dislike 0

Hi Caron,

Thank you for the welcome! Its a great forum to help people with mortgages and Real Estate. I look forward to sharing my input. I'm sure I'll learn a thing or two about the mortgage industry myself.

Smile
Icon Mini Profile kenstampe
kenstampe
Moderator

best lender badge

Joined: 22 Jan 2007

Posts: 145
Location: Dallas, TX
50.64 Dollars($)
Post Posted: Wed May 09, 2007 10:42 pm    Post subject:
Like 0
Dislike 0

For my .02,

I really don't see the reason for hiring a real estate appraiser and if you know you are going to get a loan. The appraisal is a requirement of the lender to determine value of the property used for collateral. The appraiser is "hired" by the lender and is providing the lender with that assessment of value.

If you weren't sure of your home's value prior to selling or to determine a spouse's equity position prior to filing divorce, then that makes sense. But to determine prior to borrowing means you are going to pay for 2 appraisals. I just don't see the value of spending your money in that manner.
macay

Guest







Post Posted: Mon May 14, 2007 4:07 am    Post subject: basis of LTV - appraisal or purchase price?
Like 0
Dislike 0

Hi,
If you can clear my confusion, the LTV is based on appraisal amount or the purchase price. I and my fiancé will be buying with no down payment so our LTV would be 100% and doesn't matter what the appraisal comes out to be. Is that so??
Icon Mini Profile sara
sara
Moderator



Joined: 05 Jul 2006

Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
Post Posted: Mon May 14, 2007 5:14 am    Post subject: RE: LTV for 100% financing
Like 0
Dislike 0

Hi Macay,

The LTV is based on appraised value of the property. If the appraised value comes out to be less than the purchase price and you wish to get 100% financing, you need to negotiate with the seller. The seller may bring down the purchase price such that it equals the appraised value. Or else, you may have to pay a higher rate of interest in order to go for 100% financing.

However, the appraisal should be made within a period of 30 days prior to loan closing. Otherwise, it would be considered as invalid.

Take Care
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.145 seconds.