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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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those that refinanced: questions
Did you pay for an appraisal on your own to know how much value your house is?
I know when you refinance, the bank asks for an appraisal that you end up paying for.
But i hate the guessing game. I mean how am i supposed to know the value of my house and then that determines the rate until the appraisal with the bank.
I don't like the unknown and i don't like surprised. I want to know X amount of dollars and exactly what my rate will be.
Did anyone get an appraisal on their own first? Or is that dumb to do?
Message edited 3/4/2016 9:26:56 AM.
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Posted 2/25/16 12:58 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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those that refinanced: appraisal
I work in banking - the bank will have to order their own appraisal to follow federal guidelines.
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| Posted 2/25/16 1:01 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: those that refinanced: appraisal
I guess you could but I believe the cost of the appraisal was something like $400 or so when we went through the refinance process. Before I went through the process, I actually contacted a realtor to help me compare my house to comps in the area to see if I had a good shot at the house appraising at a price I needed it to appraise at, in order to avoid paying PMI.
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| Posted 2/25/16 1:02 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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those that refinanced: appraisal
The bank will order the appraisal. No need to do it yourself first otherwise you will pay for it twice.
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| Posted 2/25/16 1:17 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: those that refinanced: appraisal
Posted by VickiC
The bank will order the appraisal. No need to do it yourself first otherwise you will pay for it twice.
This. And your interest rate shouldn't really be that dependent on it assuming you will be within the conforming loan guidelines regardless.
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| Posted 2/25/16 1:31 PM |
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momofone
LIF Infant
Member since 10/13 174 total posts
Name:
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Re: those that refinanced: appraisal
we just tried to refinance through our current mortgage company. they paid for the appraiser. it came back super low where i dont think the appraiser was very good (i dont overestimate the value in my mind at all - so i dont think its a case of thinking my house is better than the rest) but i think its becuase they have skin in the game if your house appraises for less. we are going to go through a different bank and get a new appraisal done.
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| Posted 2/25/16 1:56 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: those that refinanced: appraisal
I see what you are saying, but don't pay twice for it. We refinanced out coop to get rid of PMI, the appraiser pretty much just gave the number we needed to go ahead with it.
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| Posted 2/25/16 2:10 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: those that refinanced: appraisal
You are going about this in the wrong direction. Any mortgage company is going to demand you pay for their appraiser to do an appraisal. I don't know of one that would say to you great you had this done already so let's use yours. If you want a free appraisal, get a few local realtors to do a market study as if you are putting your home on the market, but you will be wasting their time, so it really is not something I would do. Frankly, go on zillow, trulia, and redfin and look to see what houses like yours are selling for.
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| Posted 2/25/16 2:21 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: those that refinanced: appraisal
Posted by LSP2005
You are going about this in the wrong direction. Any mortgage company is going to demand you pay for their appraiser to do an appraisal. I don't know of one that would say to you great you had this done already so let's use yours. If you want a free appraisal, get a few local realtors to do a market study as if you are putting your home on the market, but you will be wasting their time, so it really is not something I would do. Frankly, go on zillow, trulia, and redfin and look to see what houses like yours are selling for.
No i'm not saying that. I know that the banks won't use the appraisal we were to get. I know another one would have to be done.
It's hard where we live to just go on zillow which i've already done. There aren't any in my area that have sold in the last 6 months with the same comps as mine. Plus as i understand it, you can't compare a colonial to say a ranch.
I just want to shop around the refinance because i'm fully aware of companies having different closing costs, fees and commission.
Plus i don't want any surprises. I've been told that the appraisal amount does change your rates. So that makes me nervous.
Message edited 2/25/2016 2:45:16 PM.
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| Posted 2/25/16 2:42 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: those that refinanced: appraisal
I've been told the appraisal amount can affect rates too. I would look at number of rooms, number of bedrooms, number of bathrooms, squarefootage. While it would be nice to get colonial to colonial, they use the above before house style. House style is a factor, but less than rooms and size.
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| Posted 2/25/16 2:57 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: those that refinanced: appraisal
Posted by aliwnec10
Plus i don't want any surprises. I've been told that the appraisal amount does change your rates. So that makes me nervous.
Unless the appraisal brings you over an 80% LTV, this really isn't true. So if you generally know you have a decent amount of equity in your house, you should be fine.
I would shop around and find the best rate/closing cost option and go with them. It's basically the luck of the draw with the appraiser no matter what bank you choose...
ETA: you lock a rate before the appraisal is done.
Message edited 2/25/2016 2:59:57 PM.
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| Posted 2/25/16 2:59 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: those that refinanced: appraisal
Posted by Salason
Posted by aliwnec10
Plus i don't want any surprises. I've been told that the appraisal amount does change your rates. So that makes me nervous.
Unless the appraisal brings you over an 80% LTV, this really isn't true. So if you generally know you have a decent amount of equity in your house, you should be fine.
I would shop around and find the best rate/closing cost option and go with them. It's basically the luck of the draw with the appraiser no matter what bank you choose...
ETA: you lock a rate before the appraisal is done.
Well we're looking to do a refi + cash out (to pay my inlaws heloc that they took out to help us build it- we pay the loan though). So want to roll it into one. So i believe we need 80% LTV in order to do so.
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| Posted 2/25/16 3:06 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: those that refinanced: appraisal
is it possible to shop around for a refinance?
will this hurt our credit?
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| Posted 2/25/16 3:38 PM |
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ali120206
2 Boys
Member since 7/06 17796 total posts
Name:
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Re: those that refinanced: appraisal
Posted by aliwnec10
is it possible to shop around for a refinance?
will this hurt our credit?
Would you consider going the broker route - we did this both times we refinanced (for lower rates) and it worked out better than if we shopped around ourselves.
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| Posted 2/25/16 4:00 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: those that refinanced: appraisal
Posted by aliwnec10
Posted by Salason
Posted by aliwnec10
Plus i don't want any surprises. I've been told that the appraisal amount does change your rates. So that makes me nervous.
Unless the appraisal brings you over an 80% LTV, this really isn't true. So if you generally know you have a decent amount of equity in your house, you should be fine.
I would shop around and find the best rate/closing cost option and go with them. It's basically the luck of the draw with the appraiser no matter what bank you choose...
ETA: you lock a rate before the appraisal is done.
Well we're looking to do a refi + cash out (to pay my inlaws heloc that they took out to help us build it- we pay the loan though). So want to roll it into one. So i believe we need 80% LTV in order to do so.
Ah I gotcha. So you want to know how much cash you can pull out before you proceed right? I still wouldn't double pay for an appraisal though.
As far as your credit, no shopping around won't hurt it. If your credit is pulled by various banks in a short period of time (I think it's two weeks?) for the same purpose, it will not affect your credit multiple times.
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| Posted 2/25/16 4:27 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: those that refinanced: appraisal
The appraiser is only going to be able to use the best comps available. You can look for properties most similar to yours. If you have to expand time you can go up to 1 year, various styles etc. That should give you an idea on value.
Best option is probably go to bank and have them order then you'll know either way.
I have found that teachers federal credit union offers really great rates and is very competitive.
Good luck!
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| Posted 2/25/16 4:38 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: those that refinanced: appraisal
Posted by Salason
Posted by aliwnec10
Posted by Salason
Posted by aliwnec10
Plus i don't want any surprises. I've been told that the appraisal amount does change your rates. So that makes me nervous.
Unless the appraisal brings you over an 80% LTV, this really isn't true. So if you generally know you have a decent amount of equity in your house, you should be fine.
I would shop around and find the best rate/closing cost option and go with them. It's basically the luck of the draw with the appraiser no matter what bank you choose...
ETA: you lock a rate before the appraisal is done.
Well we're looking to do a refi + cash out (to pay my inlaws heloc that they took out to help us build it- we pay the loan though). So want to roll it into one. So i believe we need 80% LTV in order to do so.
Ah I gotcha. So you want to know how much cash you can pull out before you proceed right? I still wouldn't double pay for an appraisal though.
As far as your credit, no shopping around won't hurt it. If your credit is pulled by various banks in a short period of time (I think it's two weeks?) for the same purpose, it will not affect your credit multiple times.
Gotcha. Well that's good to know. Thank you.
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| Posted 2/26/16 2:28 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: those that refinanced: appraisal
Are you getting that much better an interest rate? If not I would do your own HELOC, closing costs would likely be less.
For mine the bank did the online appraisal which came in super low and did not reflect my dormer. They wanted to charge me for a drive by appraisal by a human. I bitched and they waived the fee.
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| Posted 2/26/16 8:23 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: those that refinanced: appraisal
Me again. Questions for you.
So I’ve gotten a few quotes or estimates from various people/companies.
What happens next? I have to decide from the quotes which company to go with and then the rate gets locked?
Or do I fill out applications, lock rates with each one and then figure out which one to go with?
please help walk me through this. 
Also for those that have done this, were there any surprises at the end? out of pocket money you weren't aware of?
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| Posted 3/4/16 9:05 AM |
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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those that refinanced: appraisal
you have to decide from the estimates and rates now, you don't lock with multiple banks.
I refinanced last year. I found my credit union (Bethpage) had the best rate and terms. Also, when you take out a mortgage there is a rather large recording tax. If you go with your existing bank, that is normally transferred from your existing loan and you don't have to pay it again. if you go with another lender, there is either a fee to transfer, or possibly they won't transfer it. something to ask about, I think it was in the neighborhood of 1% of the loan amount.
The banks should have the closing costs listed and give you a break down of what they are. Appraisal, bank attorney, origination fee, and some taxes are what I remember. I don't recall any surprises, but everything does add up, so you need to make sure it still makes sense to refi factoring all that in.
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| Posted 3/4/16 9:14 AM |
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