Get in touch with your existing Mortgage holder and talk to a Mortgage Broker at the Bank and not a loan person at the front desk who cannot make a Command decision. This is quite doable at Wells Fargo or if you are with a credit union.
An appraisal right now in San Jose will run about $525.
While you may not have any other debt, the importance is your FICO score, lenders are looking for at least
3 lines of credit and whether they are paid in time. Hence, if you have 2 other credit cards and paying the balances on time monthly then that helps. A FICO of 740 is desired by the Banks.
Check on the link below.
With that much equity its possible, no guarantees, that the automated underwriting system either may not call for an appraisal or only call for a limited, less expensive one. You will know once your lender submits the file electronically what the findings are. Appraisals cost around $400 so in the bigger picture if the rate drop is enough I wouldn't worry too much about it.
So the Lender see a $200,000 loan and a description of the property:
How do they know whether it is worth $200,000?
They will have to do an Appraisal and you will have to pay for it.
Good luck and may God bless
if is your loan is with fannie mae or harp it is possible .
i have done few deal like that
Mortgage Loan Manager
quality-expertise-service-Mortgage lending solutions
DRE#: 01428954 NMLS: 255585
iSmart Realty & Investments Inc.
CDPE | NAR | CCIM Candidate | SFR
Tel: 408-692-5232 | Mobile: 408-668-9200 | e-Fax: 888-697-2800
2670 S. White Rd, Ste 135, San Jose, CA 95148
â˜… AREAA SV - Vice President
Sheryl Arndt, Broker - Sr. Loan Officer
contact me through Trulia if you would like me to try for you.
Happy funding, Rudi
You can also go for a higher rate that will pay some of your closing costs but you will still have to pay the appraisal upfront.