I owe less than 50% of actual value and just hate paying 3-500.00 for an appraisal.
2007-01-03 09:58:02 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, but you won't like the rates they give you. These are bad credit or hard money deals. Instead find a good mortgage broker, and ask them to pay for the appraisal. I do it for many of my clients. If you can't find one call me. I work in most states, and have a good refferal network. Ron (619)379-2063
2007-01-03 10:06:34 · answer #1 · answered by Ron B 3 · 0⤊ 1⤋
Yes, but you'll probibly get screwed without one. The reason that you want an appraiser to come is because if your house has increased in value, (which is almost always the case) then that shows that the 50% you own is of higher value. That means you have more equity.
Bottom line, you want an appraiser to come, it will save you money.
2007-01-03 18:07:46 · answer #2 · answered by Grant G 3 · 0⤊ 0⤋
yes, it is possible
you will need a low LTV.....50% is not bad, but not great.
also, generally, you need to be doing a refi with the same lender as you did with your first mortgage.
an automated underwriting system (like Desktop Underwriter) may not ask for an appraisal, but you have to have some good compensating factors in order for that to happen. You will probably pay at least a few hundred, if not, a few thousand dollars to do a refi...so I would just expect to pay for an appraisal in the end.
2007-01-03 23:57:02 · answer #3 · answered by djdraven99 2 · 0⤊ 0⤋
Yes you should be able to I went to refinance my house 2-3 months ago and they said there was no problem when I didnt want an appraisal and I could lock in a low 5.8% intrest rate you just have to make banks compete for you.
2007-01-03 20:47:32 · answer #4 · answered by jeanetta_1983 1 · 0⤊ 0⤋
You should try to apply with eloan, they will do the loan without an appraisal. They just use listed property values from your area. . They have a promotion now, If you use this link http://www.tkqlhce.com/click-2177451-10427742 they will waive the lender fees.
2007-01-04 22:51:30 · answer #5 · answered by insureman613 3 · 0⤊ 0⤋
Some lenders will allow for an automated valuation process that does not include an appraisal. I have seen them out there so I know they exist within one of my lenders.
2007-01-03 18:13:28 · answer #6 · answered by homes_az 2 · 0⤊ 0⤋
If you really want to refi then you'll pay for the appraisal. They just want to make sure the place is worth lending money on.
2007-01-03 18:04:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes, given your LTV. Have your Loan Officer run your file through Fannie Mae automation first to see if you'll need one, or at least a limited review which will only cost you about $75.
2007-01-03 19:46:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Sorry, but no!!
2007-01-03 18:06:12 · answer #9 · answered by Anonymous · 0⤊ 0⤋