How do I refianance my home if the appraisal is lower than the amount I need?

Question

The appraisal is way low. I found comps at $250 but they only appraised the home at $190. Bank of America has there own appraisers. I need $223,500. It is an investment porperty...any suggestions

I am in Florida. The market crashed fast in Tampa. Are mortgage brokers a bad idea???

I am in Florida. The market crashed fast in Tampa. Are mortgage brokers a bad idea???

Answer 1

You can't. You can wait until the housing market rebounds where you are. Good luck.

Answer 2

This is a problem becoming more and more common with the devaluation in the housing market. And for some, there is no answer. If your lender will let you borrow more then the house is worth, you can refiance more then 100% of the house. If your lender will not allow this, or if your credit prevents you from doing so, you will need to pay down the existing loan or bring money to closing. Many people are reverting to selling assets such as boats and second homes to pay down their primary mortgage. It's a bad situation I know, but one more and more people are going to have to deal with in 2008.

Answer 3

Try somewhere else with a different appraiser.

It really doesn't matter what comps you have, the appraiser will use what they find that works.

And if your house doesn't appraise the second time, I'd give it up. If it doesn't appraise for what you need, you cannot refinance it.

Answer 4

You can't, you'll only be able to take out what the appraisal says your property is worth and in today's market even that is very difficult, most lenders only want to provide loans for less than 90% of what the property's worth. So no matter what you'd have to pay the difference.

Answer 5

Lenders will only give you up to a percentage of the appraised value.....sometimes you have to pay the points and fees out of pocket if you still want to refi and you are that close to the value. With theMortgage Mess the USA is in now you may have a real problem.

Answer 6

The BEST ANSWER>
Talk to a lone officer.. Frankly you’re upside down and not much you can’t do about negative equity. . If you have good payment history no slow pays of any kind or repose, charge offs you can re-fi. Also how did your home depreciate so rapidly? Who did the original appraisal? Is your home one of does “flipped” homes? There lost of corruption in people inflate flipped homes.

Answer 7

You can't unless you come up with the cash to make up the shortfall and pay it at the refinance closing. The lender is not going to lend you more money than the property appraises at.

Answer 8

Save your money, pay the morgage off. You cannot refinance a home were the appraisal is lower. Save. Save and save some more. Hit the principle hard. Every dollor will add up and help the balance decrease. Sell it............

Answer 9

you haven't any longer given us too plenty to pass on. How earlier replaced into the unique and what marketplace circumstances have replaced. replaced into the unique a sturdy eval? Did you purchase while it replaced right into a sellers marketplace (greater domicile values) and now it somewhat is a shoppers marketplace(decrease domicile values. Did you're putting off a ninety or one hundred% loan and now you opt for a line of credit (80% of fee max) grant some info and doubtless we can arise with greater beneficial answer.

Answer 10

Basically you cannot, now for the worse news, home values in FL are expected to drop another 20-25% before starting a recovery, plainly stated it is only going to get worse.

Answer 11

Hello there. I'm a Mortgage Banker. We can help you with this problem. I'm in Chicago, but we're licensed in Florida. My email address is [e-mail]. I look forward to hearing from you.