Financing in 34145>Question Details

Debbie Civit…, Home Buyer in East Hanover, NJ

I am looking to refinance Marco Island (second home) loan. Had appraisal in July and came back at only $220,000.

Asked by Debbie Civitillo, East Hanover, NJ Thu Mar 21, 2013

Amount left on 30 year fixed loan is $191,000 @ 5.5%. Closed on home in December of 2009. Original purchase was $250,000 with 20% down. Credit score is Fair. Any one have a loan that would apply, possibly a 20 year loan?

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I think you would appraise higher now and it is unlikely it would come it at the same amount from different apprialsers. Some of the lenders are now offering as little as 10% LTV ratio. AS most others mentioned, don't be afraid to contact 1-2 loca lenders and get their programs.
0 votes Thank Flag Link Fri Mar 22, 2013
Property values have gone up since July and you may be ok now if it was reappraised. Like Jamie below said, contact your bank and try to work it out with them. If your lender is not on Marco, contact a local lender on Marco Island such as Tony Iannotta from Wells Fargo, his number is 239-642-6888
0 votes Thank Flag Link Thu Mar 21, 2013
Thanks Gerry, I think my property value has gone down even more and I don't want to pay another $300/$400 for the appraisal. I feel it was not as accurate as it could have been either. Appraiser was from Cape Coral. I will check with Wells Fargo and my current bank which is Bank of America.
Flag Thu Mar 21, 2013
Hello Debbie,

I would call your bank. Some lenders will work with you and bring your interest rate down to current values.

Let me know if I can help

Jamie L. Rodgers
IBR Realty
248-730-0887
Web Reference: http://Myrealestatebros.com
0 votes Thank Flag Link Thu Mar 21, 2013
Thanks Jamie I will try that.
Flag Thu Mar 21, 2013
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