We put down 18% when we bought the house 2 years ago. We know the appraisal will show it's appreciated the needed 2% so that we don't have to pay mortage insurance any more. Is there any way to do it w/o paying for an appraisal? ANd if not, do you know of the best way to get a cheap appraisal? We live in Missouri. Thanks!
2007-02-28 06:09:23 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Where in Missouri are you? I am a Realtor in Missouri and I will do a CMA for you if they will except it (which I highly doubt) and if they don't I know a few licensed Appraisers, that I work with weekly, who charge less than $250. May be worth looking into if your unable to come up with the money. It all depends on where you are located.
E-Mail me.
2007-02-28 14:26:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If your bank accepts the assessed value for market value then you do do not have to get an appraisal done. I would imagine though that banks will only accept an appraisal . You should ask your bank or PMI company what kind of appraisal is necessary. There are different types of appraisals such as a drive by where they only drive-by and do not inspect the interior (not recommened if you have updated the property since time of purpose). Also, there is a letter appraisal in which they will write a letter with a few comparable sales and give you a value. These are both cheaper alternatives then the a full form appraisal but not much cheaper.
2007-02-28 14:44:40 · answer #2 · answered by tianaramal 4 · 0⤊ 0⤋
Have you talked with your mortgage broker, or lender? In some cases they can run a comparables report and see if the value has increased enough. You may have to do some research on your own first. Your realtor should be willing to run comps for you if you ask. Take this to your loan officer and see if they will accept it. If not, weigh the option of paying PMI versus paying for an appraisal.
2007-02-28 14:47:35 · answer #3 · answered by Ron B 3 · 0⤊ 0⤋
That's really the only way.... unless your house is already assessed by the tax assessor at a higher rate. You could ask your financing co if there's any other options-- but normally the appraisal is the only route.
2007-02-28 14:15:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The best is to "show me"
here
HUD Private Mortgage Insurance (PMI) Information: http://www.hud.gov/offices/hsg/sfh/res/respapmi.cfm
Buena Suerte
2007-02-28 14:54:41 · answer #5 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Stop being cheap, you will save way more than $250 in the long run.
RE Agent,
Remax
2007-02-28 19:14:28 · answer #6 · answered by frankie b 5 · 0⤊ 1⤋