Late to the game, but the first thing i would do is make sure you are working with a correct value. While Zillow and other online AVM's are a decent tool to get a ballpark value, they can often be way off. This is especially true if your property is located in a niche market like Historic Frederick or similar market.
It may be that you have enough equity to refinance the home without tapping your primary residence, or it may be that you have even less equity than you thought. Either way, you want to know this before you spend any time or money working on a refi solution.
My advice is to have a few Realtors who sell a lot of property in the location of your home give you a market analysis. (Of course, if this is YOUR market, you will know if the Zillow estimate is accurate). Once you know the true value, you will be better postioned to make an informed decision as to whether it's worth the cost of refinancing. My guess is that you will only come down 1 to 1.25% without paying a lot of fees. That's not going to save much on that size loan, so it may just be best to stay with what you have.
Happy to discuss options. I've been doing this for 25 years. Pop me an email if you like at email@example.com Thanks and good luck!... more
Here's an update to my story for anyone who comes across this thread and is interested in low appraisal scenarios.
The seller completed his appraisal and agreed to lower the price of the condo. He said he's unwilling to haul away some of the junk that's on the property so I'll have to pay someone to take away a couple of broken dryers, shelves and old furniture in the shed.
The downside to all this is it appears my lender wasn't doing any work towards underwriting while I was waiting for the first appraisal and negotiations with the seller after it came back low. Now, 4 business days before closing, they are saying they need to perform a full condo review on the property and can't get it done in time. I have to see if the seller is willing to extend the close date.... more
This is one very good reason to have a Buyer Agent involved from the very beginning. I suggest securing an attorney immediately. You should be OK, but you need to have legal support. Good luck.... more
If only it were that easy. Appraisers have to go through rigorous schooling and apprenticeship before they can practice on their own. Especially when they are doing government (FHA/VA) loans the criteria is exacting and the penalties are stiff if they are deemed not to have done a good or fair job.... more
I'm a real estate agent in Maryland. My wife and I a few years ago helped our daughter buy a home in Alabama. Our daughter did not have good credit, so she was not on the application for a mortgage. The title company that did the settlement included our daughter on the title/deed. She was not part of the financing processing, but still is a legal part owner of the property.
I would think that your husband could go throught the re-finance mortgage process alone, and you and he could be placed on the deed/title.
I am not an attorney and cannot give you legal advice. I suggest that you speak to a real estate attorney (perhaps one who would also do the re-finance settlement) and he/she could give you the legal advice you need.... more