Financing in Brooklyn Park>Question Details

December21, Other/Just Looking in Ohio

i am trying to refinance my house and had an appraisal done and it came back 315000 dollars. now my lender

Asked by December21, Ohio Thu Jun 11, 2009

is telling me because i am doing a conventional loan that they can only apprais my home for 280000. does this make any sense to anyone?

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All the answers below may be true. Another possible answer is the lender did not like the appraisal. They may have done a field reveiw that came in at 280,000 or they just cut the value to 280,000.

Danny Castagna
E-Mortgage Management
800-793-9633 x 185
0 votes Thank Flag Link Thu Jun 11, 2009
It makes sense and it doesn't.

Here is why it does make sense: Mortgage brokers can be twisted sometimes and they take a puffy appraisal so that they can get more points on a loan. But when it comes to a price someone will pay for the property- good luck find a buyer.

Here's why it doesn't make sense: People need to wake up and realize that what goes around comes around and that what they reap is what they sow. God is a God of justice and will not be mocked.

It sickens me when mortgage brokers are dishonest to make a dollar.

And this is a perfect example of their exposure. I hope they're embarrassed and hear their conscience.

Unfortunately that's just the way it is. Good luck with your situation.
0 votes Thank Flag Link Thu Jun 11, 2009
Not sure what you are saying... could you be trying to say that your home appraised for $315,000 but the lender will only give you $280,000? If that is the case it is because they will only loan 90% of the appraised value.

You do have other options in the above case... you may qualify for the Home Affordable Refinance program and/or be able to refi into an FHA loan, which has only a 3.5% equity requirement.
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0 votes Thank Flag Link Thu Jun 11, 2009
Hi, do you mind sharing who your lender is? Maybe they are doing a streamlined refinance and working w/ an automated valuation system rather than an appraised value. Not sure why this would not have been identified up front but this sound like what is happening.
0 votes Thank Flag Link Thu Jun 11, 2009
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