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ODonnell
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Member since 9/05 5983 total posts
Name:
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Refinancing?
I'm considering refinancing our mortgage to reduce the term and take 5 years off the life of the loan. My one concern would be the value of our house now vs. what we paid for it. We have spent +$100k on renovations but I'm sure they will not pay off in the current value of our home now.
Does anyone know if they always do an appraisal on a refinance or if they would just look at recent sales and comps?
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Posted 9/1/10 9:46 AM  |
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Prudential Douglas Elliman Real Estate
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Member since 7/05 32475 total posts
Name:
Susan
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Re: Refinancing?
always an appraisal as far as I know.
I've contacted a few banks and brokers and they all charge an appraisal fee..I think that means they do an appraisal but they will take comps into consideration I believe.
If I'm wrong I'm sure someone will come along and correct me.
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| Posted 9/1/10 10:50 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Refinancing?
They'll likely do an appraisal
the appraised value is based on how your house compares (better/worse) to recent sales/comps.
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| Posted 9/1/10 11:04 AM |
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ttcc
LIF Toddler
Member since 7/09 453 total posts
Name:
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Re: Refinancing?
they will do an appriasal so the work that you have put in will help you out. If you are only refinancing the balance and not taking equity outyou should appraise for more that the balance of the loan and be fine.
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| Posted 9/1/10 2:27 PM |
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