How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
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NEW -> Contingent Buyer Assistance Program
Gotta keep that 55% LTV! I'm getting my appraisal tomorrow. Wish me luck.
Yes the guy came out on Saturday. I'm using a different lender. The appraiser was surprised I had comps printed out for him. He asked "Where did you get these from?" (it said redfin on the printouts) "Are you a realtor?" He also asked what value I needed for my re-fi (I need less than the comps). My lender said I'll still qualify with 65% LTV so I'm not too worried. He did bring up the fact that I paid much less for it. I'm like.. doh.. housing prices have gone up 30%.
Congratulations ps9! Yes I am getting that as well. I hope to get mine back today or tomorrow and will give you cheers then
Got my appraisal back. It was significantly higher than I expected and way higher than I needed.
Awesome. One reason I was in a hurry to refi is that the recent closings had been favorable while future transactions are looking dicey (nothing is selling around me with over 90 days on the market and multiple price reductions).
Mine was $425. We used the comps I provided as well plus included two more similar comps of his own.
My closing is not 100% fee-free so I probably will be paying for the appraisal out of pocket. My total lender credit is around $2,000.
paperboyNC
New member
ps9 said:
Gotta keep that 55% LTV! I'm getting my appraisal tomorrow. Wish me luck.
irvinehomeowner
Well-known member
Did you point out your LED lights?
ps99472
New member
Gotta treat it like an open house, you never know what type of appraiser will show up. And they take pics, lots of them. Mostly of smoke and carbon monoxide alarms, and the separate rooms. A newer built would save them some time, as it's just one big picture
I think I got lucky. Dude was professional, unlike my last run in with these folks. At least he didn't look like he just rolled out of bed. His shoes are clean, that's a good sign. Had an electronic measure instead of the old school tape. He asked about HOA, how many bed/baths. Since we had so many neighbors close escrow recently, pointed him in the right direction for comps. Made sure to mention those homes are smaller sq footage, even the one with the same floorplan: it counted the 3rd garage space as living space in the listing, when I know you cannot. That means when I list, I can 'bump' up my house size.
I think I got lucky. Dude was professional, unlike my last run in with these folks. At least he didn't look like he just rolled out of bed. His shoes are clean, that's a good sign. Had an electronic measure instead of the old school tape. He asked about HOA, how many bed/baths. Since we had so many neighbors close escrow recently, pointed him in the right direction for comps. Made sure to mention those homes are smaller sq footage, even the one with the same floorplan: it counted the 3rd garage space as living space in the listing, when I know you cannot. That means when I list, I can 'bump' up my house size.
paperboyNC
New member
ps9 said:
Yes the guy came out on Saturday. I'm using a different lender. The appraiser was surprised I had comps printed out for him. He asked "Where did you get these from?" (it said redfin on the printouts) "Are you a realtor?" He also asked what value I needed for my re-fi (I need less than the comps). My lender said I'll still qualify with 65% LTV so I'm not too worried. He did bring up the fact that I paid much less for it. I'm like.. doh.. housing prices have gone up 30%.
paperboyNC
New member
ps9 said:
Congratulations ps9! Yes I am getting that as well. I hope to get mine back today or tomorrow and will give you cheers then
paperboyNC
New member
ps9 said:You notice refi appraisals are always lower than say a purchase appraisal? Funny how things work out in the end
Got my appraisal back. It was significantly higher than I expected and way higher than I needed.
paperboyNC
New member
ps9 said:
Awesome. One reason I was in a hurry to refi is that the recent closings had been favorable while future transactions are looking dicey (nothing is selling around me with over 90 days on the market and multiple price reductions).
paperboyNC
New member
ps9 said:
Mine was $425. We used the comps I provided as well plus included two more similar comps of his own.
My closing is not 100% fee-free so I probably will be paying for the appraisal out of pocket. My total lender credit is around $2,000.
