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Property Appraisal

How to calculate the DP (down payment on property) due to refinance?

Posted on: 05th Nov, 2018 09:43 pm
I bought the property in 1982 with market price $215,000 and the mortgage 165,000. Since 1997, I was single and the sole owner of the property. Market price increased to 540,000 and refinanced mortgage was increased to 310,000. In 2003 I remarried and the property was still under my name. Mortgage reduced to 280,000 and market value increased to 900,000. On September 2018, I divorced. Market value was 2,000,000 with mortgage 128,000. What should be the correct purchase price used to calculate the DP value?

Online sites indicate that I have a 924 Sq ft home.

Posted on: 20th Jan, 2014 03:03 pm
I have a split foyer home with the upper and lower portions each with 924 sq ft of space. Thus equalling a total of 1848 sq ft.
With the realestate sites indicating as only 924 sq ft, how will this impact me when I go to sell? How will this impact my Taxes are appraised? How can I get this corrected?
Hi Cosby!

Welcome to the forums!

As far as your taxes are concerned, you will have to get in touch with a tax professional and he or she will help you in this regard. While your taxes are calculated, the whole area space will be taken into consideration.

Feel free to ask if you've further queries.

Sussane
Posted on: 20th Jan, 2014 07:29 pm

Regarding the post was this a scam

Posted on: 16th Jan, 2014 10:23 am
I know this is a little older but I wanted to comment for anyone else that may read - first I hope you were able to work things out - It is a sad state of affaairs with regards to appraisals - we as lenders can no longer contact the appraiser directly. We must go througha third party management company. That company takes our orders and then hires an appraiser, we have no say in who they choose. It is unfortunate that the appraiser did not know the area well enough to give you a solid value. Since this new model has been in place I have found that appraisers are much more conservative. They will not push the subject when it comes to value. In your case the management company should have been provided the comps you found and the appraiser should have been asked to use the more accurate comps and reconsider the value. The biggest lesson here IMHO is if a bank asks for anything more than the cost of the appraisal upfront RUN do not walk RUN. They know that you will not shop around and are stuck using their services even if they are horrible, once ou give money you are financially obligated (in your own mind) and they know it. Also if things go wrong they keep the funds. When shopping for a lender if one stands out as way better cost wise than the rest there is probably a huge catch somewhere.
Hopefully you were able to get the refinance you needed? I am in the Bay Area Out towards the appraiser, and yes the market here is on an up trend.

Take Care
Brian Barnes
ENG Lending
Nationwide Lender
It's good to note Brian that you took time out in order to provide response to an old query! :)
Posted on: 16th Jan, 2014 06:49 pm

Cancel PMI

Posted on: 08th Jan, 2014 12:19 am
We bought a $175k home with 5%. Its a FHA loan and we had to go for a PMI. Recently, we did some home renovations. Is it possible for the bank to re-appraise the property and cancel the PMI?
As per the new rules of FHA mortgage, you will not be able to get rid of the PMI. However, if you refinance the FHA loan into a conventional mortgage, then you might be able to get rid of the PMI.
Posted on: 08th Jan, 2014 01:21 am
No, you will not be able to cancel your PMI as per the FHA mortgage loan clauses.
Posted on: 08th Jan, 2014 03:16 am
Any loan written prior to June 2013 can petition for removal of the PMI after both have happened - 5 years have passed AND you have a loan to value of 78% of the original purchase price. To eliminate PMI prior to this would require refinancing using the new appraisad value, into a conventional loan. If you have 20% equity at the time of refinancing no PMI will be required

Brian Barnes
ENG Lending
Nationwide Lender
Posted on: 16th Jan, 2014 09:56 am

Reliable appraisal

Posted on: 02nd Jan, 2014 10:38 pm
Hello there... We are interested in buying a home. How will we come to know whether or not the house appraisal is reliable?
You should hire a renowned appraiser or an appraisal company to check and appraise your property. Moreover, the value of the property will be in sync with the value of the properties located in your neighborhood.
Posted on: 02nd Jan, 2014 11:21 pm
Hi Graham!

Welcome to the forums!

I agree with what Niicss has said. It will be better if you could hire a good appraiser.

Feel free to ask if you've further queries.

Sussane
Posted on: 06th Jan, 2014 08:27 pm

Section 8

Posted on: 05th Nov, 2013 08:34 am
My section 8 unit passed inspection last week. Nobody has contacted me. Why am I still waiting to move in?
Hi Johnny!

Welcome to the forums!

You can contact the Public Housing Administration (PHA) in order to know the move-in status and then take the decision in this regard.

Feel free to ask if you've further queries.

Sussane
Posted on: 05th Nov, 2013 07:03 pm
Hi Johnny,

I agree with Sussane. It will be better if you can get in touch with the PHA in this regard. They will be able to help you better in this regard.
Posted on: 06th Nov, 2013 07:26 pm

Appraisal and loan locking

Posted on: 29th Oct, 2013 01:47 am
Hi... I need to know if the lender should have the appraisal done before locking the loan?
Hi Guest,

There is no specific rule in this regard. It will depend upon the lender. There are some lenders who might have the policy to only lock after an appraisal is completed.

Take care
Posted on: 29th Oct, 2013 02:10 am
Welcome Guest,

Sara is right in saying so. I too have not heard of any specific rule in this regard. You will have to speak to the lender in order to know if they will have the appraisal done before locking the loan.
Posted on: 29th Oct, 2013 08:49 pm

BAD APPRAISAL OR SCAMMED? 2

Posted on: 27th Oct, 2013 03:36 pm
Property values in our neighborhood have started to rise dramatically in the past six months, so we decided to refinance and consolidate a good loan with a bad one. We called our real estate agent and asked for comps before we refinanced to ensure that we would qualify.

We paid upfront fees with a commercial lender that I found online. I know you will respond that this was a bad idea, but the company is well-known and reputable, and the closing costs were the lowest I saw, so I thought that I was doing a good job of shopping.

To say that the appraisal came back low is an understatement. It would represent a decline in the value of our home from 2001 through 2013. . . which doesn't correspond with real estate trends in this part of California.

The appraiser drove over an hour from a city located 50 miles away from where we live. (I've map-quested this, so I know.) The comparables she found are from the worst parts of the city, a mile away from our house. One is a house that recently burned down and is boarded up.

Her credentials say that she has been doing appraisals for eight years and that she is within 40 miles of our house. . . but that's not true. Her company's website says they specialize in cities around Oakley, CA. (Brentwood, Antioch, etc.) I hypothesized that the mortgage company might have confused Oakley and Oakland. . . is that even possible?

We also don't understand the depreciation value that was used on our appraisal. It's ten times higher than the depreciation value that was used in 2001 when we purchased our house. (I still have that appraisal.)

We've provided a bunch of information to the lender, including graphs indicating the real estate trends, median home prices, a list of improvements (which I know don't guarantee an increase in price) about a dozen comps that are actually in our neighborhood and substantially higher than what we need to refinance, but I haven't heard back yet from the lender. I don't think they are under any obligation to pursue this further, and seem happy to pocket the difference in fees.

Could these low cost loan brokers be out to scam people for upfront fees without advocating on behalf of their clients? Are interest rates so low that the margin on selling these loans is no longer profitable?

It doesn't seem likely, I agree. But we don't understand the appraisal and don't feel that we're being treated fairly. Do I have ANY recourse?
Hi Fletcher,

Well, it will be difficult to say that it will be a scam. I will suggest you to take a second opinion before you come to a decision in this regard.
Posted on: 27th Oct, 2013 08:04 pm

Types of Appraisals

Posted on: 23rd Oct, 2013 01:20 pm
Can you please tell me what the condensed version of the 1004 is?
Hi Guest!

Welcome to the forums!

I have never heard of condensed version of 1004. The form 1004 is also known as Uniform Residential Appraisal Report and Freddie Mac Form 70. Under this appraisal, it requires an interior and exterior inspection of the subject property.

Feel free to ask if you've further queries.

Sussane
Posted on: 23rd Oct, 2013 08:24 pm
Welcome Guest!

FNMA 1004/ FHLMC 70: This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an interior and exterior inspection of the subject property.

You can get more info on:http://www.lendersallies.com/services.aspx
Posted on: 06th Nov, 2013 07:37 am
Thank you for the information, lendersallies! That was really helpful.
Posted on: 06th Nov, 2013 09:33 pm
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