Posted on: 08th Oct, 2010 02:08 pm
i'm scared to refinance. i was one of those '06 people that got screwed on a loan, but luckily i've been able to pay. i have an 80/20 with 7.25% & 9.5% rates. i want to refinance, but i'm hesitant. what if my condo is worth less than the loan? should i get it appraised first before i start calling for estimates? should i used my current lender (bofa)? i hate to pay for appraisal twice since lender uses their own appraisers.
any advice?
any advice?
Before you spring for an appraisal, you can check one of the online sites like Zillow, or you can seek out a realtor (maybe the one who sold you the home) and ask for an evaluation of your home's current market value. In that way, you'll have a better handle on what you're facing if you go seek a refinance.
No lender that has sense would go ahead with a possible loan without having comfort with the value, also; so presumably they'd be able to help out before you formally apply by obtaining an opinion from one of their appraisers about the current value.
Whether you go with BofA or any other lender won't really matter. Go where you'll get the best service, the best price (not necessarily going to match) and where you feel comfortable with the people you speak to.
You need to be able to trust whoever you deal with - so important.
No lender that has sense would go ahead with a possible loan without having comfort with the value, also; so presumably they'd be able to help out before you formally apply by obtaining an opinion from one of their appraisers about the current value.
Whether you go with BofA or any other lender won't really matter. Go where you'll get the best service, the best price (not necessarily going to match) and where you feel comfortable with the people you speak to.
You need to be able to trust whoever you deal with - so important.