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Cash Out Refinance - Lower Appraisal = Increased Fees?

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terryfl Guest	Posted: Fri Oct 22, 2010 8:44 am    Post subject: Cash Out Refinance - Lower Appraisal = Increased Fees? Like 0 Dislike 0 I have a cash out refi question for you. During application I gave my est appraisal amt at 500k and wanted LA of 375k which is 75%LTV. The appraisal came in at 425K so I lowered my LA to 340k which is 80% LTV. My question is during my rate lock I had a Discount credit of -1875.00 based on the 500k estimate. Now that the appraisal came in lower and the LTV went up 5% to 80% the mortgage company wants to increase fees and reduce the Discount to -400. Is this common lending practices in Florida? cash out adj was +.625, now it is +.750 LTV/fico adj was 0.000, now it is +.250 _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.93 Dollars($)	Posted: Fri Oct 22, 2010 9:24 am    Post subject: Like 0 Dislike 0 Terry, I do not see anything wrong with what they are doing. They need to do this to keep that rate they promised you. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote

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