2007-07-11 04:45:34 · 9 answers · asked by Terry K 1 in Business & Finance ➔ Renting & Real Estate
It is possible. But the appraiser needs to be paid by somebody, regardless of whether yoir loan closes or not.
If you can't scrape up the money to pay for it, you may have a problem getting the loan approved anyway.
Unless you are doing a Stated Asset loan, you will need to document your liquid assets.
Just because the appraisal is done, doesn't mean the loan will get funded. It should be the only OOP fee.
Why do you want no out of pocket fees ?
2007-07-11 05:13:07 · answer #1 · answered by CommonCents 4 · 1⤊ 0⤋
You will pay for these services one way or the other. The appraisal will be incorporated into the loan somehow, either straight up as the appraisal fee, or disguised as some transaction fee.
Refinancing isn't free, there are closing costs that will be rolled into your refinance, and these will vary greatly by company. It pays to do your homework. Compare more than interest rates, and ask about subsequent fees, transaction fees, maintenance fees, late fees, pre-payment penalties, the lenders call them all sorts of different things, but they all cost you money down the road.
And before you commit to a refi, make sure your current mortgage doesn't have any pre-payment penalties attached.
2007-07-11 05:33:04 · answer #2 · answered by godged 7 · 1⤊ 0⤋
Yes that is possible, there are mortgage companies everyday advertising that they are prepared to do a no fee, no points loan.
You have to have a good credit score in order to qualify for this type loan.
I, also, hope that you don't think you are getting this loan free. In some cases it is better to pay points, fees and the other items yourself.
These items are tax deductible over the life of your loan. If you refinance then you may take out any remaining points and fees out in the year in which you refinance.
Please check with a tax consultant of your choice for any tax information.
Now about a free loan. In order to accomplish this great feat of no points and no fees, the mortgage industry simple increase your rate to accommodate the cost of the fees, appraisal, credit and any points they might have charged you.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-07-11 05:01:36 · answer #3 · answered by loanmasterone 7 · 0⤊ 0⤋
Sometimes a loan officer will front the cost of the appraisal; the rest can be rolled into the loan; net resut: no out of pocket fees. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you
2007-07-12 02:29:32 · answer #4 · answered by stephen l 2 · 0⤊ 1⤋
yes.....but not getting a free loan. Anyone ever see the countrywide commercial that says Free this and Free that. Well they make BIG money on that program. I use to work there. Just make sure before you refi that you get some good fatih estimates and let more then 2 companys compete for your buisness.
2007-07-11 04:54:52 · answer #5 · answered by bowling301301 2 · 0⤊ 0⤋
Yes they can include all fees into your mortgage.
2007-07-11 04:52:54 · answer #6 · answered by Melanie 3 · 0⤊ 0⤋
Yes I'm sure you can but I would watch how they tack it on at the end. Sometimes it does't pay.
2007-07-11 04:53:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes, tell the lender you want to pay for these at closing.
2007-07-11 04:55:41 · answer #8 · answered by Alterfemego 7 · 0⤊ 0⤋
yes.
2007-07-11 04:48:49 · answer #9 · answered by buju023 1 · 0⤊ 0⤋