Posted on: 14th Nov, 2010 08:50 am
hi all,
i have a 2 part mortgage with bofa; first $950,000 at 6.375% 30 yr locked, second $300,000 heloc interest only. i would like to refinance and have the means to pay off the first part down to $700,000.
however, the appraiser came in with such a low number that it may not be possible to refinance with bofa. i will be appealing the appraisal. when i did my own comparison, the value was 30% more while the currently on sale houses were 34% higher. the appraiser used 3 comps which were very low obviously (not sure if they were shortsales/foreclosures or not, although they are not common around here). i found 13 comps, 11 of which were sold within the last 3 months; they were actually slightly small and older, yet sold for 30% more than my house's appraised value. of the 11 comps currently on the market, again they are slightly smaller and older, the asking price is 34% more.
the second part of the question, is it possible to refinance only the first part, $700,000 with another lender while keeping the second heloc $300,000 with bofa?
thanks in advance for any input/advice.
i have a 2 part mortgage with bofa; first $950,000 at 6.375% 30 yr locked, second $300,000 heloc interest only. i would like to refinance and have the means to pay off the first part down to $700,000.
however, the appraiser came in with such a low number that it may not be possible to refinance with bofa. i will be appealing the appraisal. when i did my own comparison, the value was 30% more while the currently on sale houses were 34% higher. the appraiser used 3 comps which were very low obviously (not sure if they were shortsales/foreclosures or not, although they are not common around here). i found 13 comps, 11 of which were sold within the last 3 months; they were actually slightly small and older, yet sold for 30% more than my house's appraised value. of the 11 comps currently on the market, again they are slightly smaller and older, the asking price is 34% more.
the second part of the question, is it possible to refinance only the first part, $700,000 with another lender while keeping the second heloc $300,000 with bofa?
thanks in advance for any input/advice.
hi volkl,
you can ask to lender to go for another appraisal if you have doubts regarding the property value. you can refinance your first mortgage with some other lender and let your second mortgage remain intact. however, unless you have equity in your property, you won't be able to refinance the mortgage.
thanks
you can ask to lender to go for another appraisal if you have doubts regarding the property value. you can refinance your first mortgage with some other lender and let your second mortgage remain intact. however, unless you have equity in your property, you won't be able to refinance the mortgage.
thanks
If you have the means to pay down the first mortgage, you may want to consider just paying off the Heloc. Refinance the first... their is a refinance option under the government program but your total Loan to value cannot exceed 125% You can visit the government's website called Making Home Affordable. If you choose to just keep the first and second and only refi the 1st you can always subordinate the second meaning keeping it intact.