Market Conditions in 60633>Question Details

Marie, Home Buyer in Chicago, IL

I'm thinking of re-financing a 30 year loan on my house in Hegewisch (i'm only 3 years into the loan). The

Asked by Marie, Chicago, IL Fri Apr 3, 2009

bank has told me my house must appraise for $150,000. And based on their figures, it might not be worth $150,000. My house is a two story brick. Is there any truth in what they are saying as far as house values in this area?

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2
Hi Marie. When you get a bit, give me a call. I can get similar sales via the MLS and let you know what you should be looking at. I can also help you with the refinance.

http://www.seanccochran.com

Sean Cochran
Quality Mortgage Lending
630-330-2229
Web Reference: http://www.seanccochran.com
0 votes Thank Flag Link Sat Apr 11, 2009
Marie - The bank is using an automated valuation model (AVM) to determine value for your home. The only way to get a true value is from an appraisal. Now i've said that you may be elligible for the new Home Affordible Refinance program which allows you to refinance up to 105% of the loan to value. I have written blog all about this program. Please go to this link and let me know if I can help you achieve a lower rate using this program. http://www.trulia.com/blog/david_cruickshank/2009/03/home_af…

David Cruickshank
Ardain Mortgage Corp
847-354-5455
0 votes Thank Flag Link Sat Apr 4, 2009
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