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don_ny_ · Joined: 11 Jun 2009 Posts: 1 1.49 Dollars($)

Hi people, great forum you have here!

I own two properties and would like your opinion if I should bother refi'ing.

My current middle fico score is 637

I own a 3 unit apt building that I do not live in. I've owned it for 5 years and never been late on a payment. I currently owe $64k and the APR is 8.72%. Zillow.com lists it's value at roughly $119k so I have plenty of equity in it.

My primary residence has a 1st mortgage at 5.88% and I owe $45k on it.
There is also a 2nd mortgage at 9.48% and I owe $24k on it.
According to zillow this property is worth $95k.

I have called about refi's but have been told that I need to pay for an apprasial out of pocket BEFORE they will give me a yes or no answer to the refi. I'm concerned that after paying the $800 for 2 apprasials, the bank could come back and refuse to refi. Then, I will have wasted $800.

Any help or advice would be appriciated.

thank you

jameshogg · Posted: Thu Jun 11, 2009 7:22 pm Post subject:

Hi don_ny,

It is true that you'll have to appraise the property in order to know what the exact value of the property is. Depending on the value of the property, the lender would refinance the loan. If there's hardly any equity in the property, the lender will refuse to refinance.

According to zillow.com, both of your properties have equity. In that case, you may go for an appraisal provided if the value of properties in your area has not fallen drastically.

Thanks

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

don_ny

Welcome to the forum

Lookisn at yoru inforamtion you seems to have pretty good equity and even zillow is wrong by 10k, still you have enough cussion to prtect yoru self.

If you are lookign to refinace this is the best time, sinc eht interest rates are so low, you will end of savings tons of money with the current interest rate

I woudl say get the apprisal doen for one property at a time

Good luck and feel free to ask

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brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Don before you move on with the appraisal why not ask the bank for a mortgage approval. This tells you that you are qualified for the refinances and should receive a commitment pending an acceptable appraisal. At least if you go this route you know the remaining hurldes have been cleared without you spending any money. Hope this helps, any questions let me know!

JKennedySLG · Posted: Fri Jun 12, 2009 12:40 pm Post subject:

Brian has a good point. You can get "Conditionally Approved" for a loan pending the appraisal comes in at whatever number both you and your loan officer feel comfortable with. Have your loan officer contact a local appraiser to check comparables in the area. These things should make you feel a bit more comfortable before "blindly" spending money for the appraisal(s). I hope this helps...

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SHould I refi my 2 properties? Advice sought.