Market Conditions in 48602>Question Details

Thomas Peck, Other/Just Looking in Saginaw, MI

My Home value in Saginaw dropped $4000 from 2-3 years ago. Should I get another appraisal?

Asked by Thomas Peck, Saginaw, MI Mon Sep 17, 2007

Loan Company said this was "typical" for the market.
It affected my refinance (added MPI of $42 per month)
At $300, is it worth it to get another appraisal?

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Answers

3
You could choose to have another appraisal, but you will have to pay for it again. The chances of it coming in high enough for you to avoid PMI are slim. If you would like to see home values in your neighborhood, go to http://www.SaginawHomeValues.com and enter a little information about your home and it will show you all sales activity near your home. This of course is a general value.

Depending on the value of your home, a drop of only $4000 over the last 2-3 years is pretty good! I have seen values drop about 20% during that same time frame in many areas of Saginaw.

So to answer your questions, I think it depends largely on the purpose of the Refinance, and how much more it would need to appraise for to avoid PMI. If you off by a few thousand, then it may be worth it. If you need to be 5% more, I don't think so.
Web Reference: http://MBShomes.com
0 votes Thank Flag Link Wed May 19, 2010
Hi Thomas - Unfortunately, that is pretty typical for the current market. A couple of things to consider before you spend the money on another appraisal: 1) It will take 7 months to recoup the cost of another appraisal as opposed to paying the MIP; 2) Will the lender accept another appraisal?; 3) What if the new appraisal comes in even lower?; 4) Are you still saving money (or achieving what you expected with the refinance)?: and lastly, talk with your tax advisor because the mortgage insurance premium may be tax deductible with new tax laws. Hope that helps. Good luck with your situation.
Web Reference: http://www.NicoleSleeva.com
0 votes Thank Flag Link Mon Sep 17, 2007
This sounds a little fishy to me. I'm not sure another appraisal is what you need, I think you may need another loan company. The $4000 drop IS typical but the added $42/month is what doesn't sound right. Why are you refinancing?
Ruth
0 votes Thank Flag Link Mon Sep 17, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
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