Hello, I would like to refinance but how do I know the value of my house and whether this value will allow me to refinance?

Asked by Mark and Miriam, Brentwood, CA Sun Apr 8, 2012

I bought the house at $300K in October 2009, I refinanced in November 2010, the appraisal report came at $304K, but in 2012, I have no clue what would be the appraised value. My mortgage balance is $239K and I want to refinance with free closer or very low refinancing cost. Thank you. Miriam

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SERGEY FEDNOV…, Agent, Beverly Hills, CA
Wed Apr 11, 2012
I'll be happy to provide you all available compatible sales in the area and establish approximate value per SQF - this is the same comps that bank appraisal will use, this way you will know approximate value of your property in advance.

Please feel free to call me 424-777-9377 - i'll be happy to help you out.

Thank you for your time.

Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) ext. 777.

Sergey Fednov

President - Realtor®
- Trust Sale Realty -

Residential & Commercial Real Estate
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925 http://www.TrustSale.com http://www.TrustSaleRealty.com
Lic# 01896869
7 votes
Robert Chome…, , San Diego, CA
Mon Apr 9, 2012
I can run a Automated Valuation (AVM) for free to let you know approximate value.

0 votes
Gilbert Rich…, , Santa Clara County, CA
Mon Apr 9, 2012
We can easily look up sales comparables and let you know whether or not the value is in range. Since you bought the house after June of 2009 I couldn't necessarily provide the new HARP program which allows your house to be upside down. But it is an easy 4 minutes to find out a ballpark range for your home value.
0 votes
Valerie Whi…, Agent, Brentwood, CA
Sun Apr 8, 2012
Hello Myriam,
All of the answers are good ones but if you would like a value range prior to initiating a refinance to see approximately where the value is at this time I would be happy to assist you with an approximate value. Many REALTORS do price opinions although they cannot be used for financing, they will give you an estimate of value so that you can move forward or not!

Valerie A White
0 votes
Kevin, Both Buyer And Seller, Columbus, OH
Sun Apr 8, 2012
Best way is to have a current apprasial
0 votes
, ,
Sun Apr 8, 2012
Unfortunately the property would not be eligible James for the HARP loan program. The note would have had to be Fannie or Freddie serviced by June 2009.
0 votes
, ,
Sun Apr 8, 2012
Hi Miriam...

I'm alocal Mortgage Broker and I would be happy to help. Shoot me a private message or email. We can get a ballpark value tomorrow and I can make my recommendations! I look forward to helping you if i can!

Web Reference:  http://www.loansquawk.com
0 votes
James Tan, Agent, elk grove, CA
Sun Apr 8, 2012
To get an accurate value on your house, we have to do a comparative analysis (comps).
If the property is (slightly) under water, the only way to refi is through the HARP-2 government program.
HARP-2 allows a refinance even if the loan to value exceeds 100%.

This only works if your loan is owned by FNMA or Freddie Mac.

Here are the urls to their look up tools which allow you to find this out:

If your loan is owned by either of these 2 institutions, you should contact your current servicer (bank) whether they are BofA, Chase, Citi, etc. They may be able to help you.
0 votes
Kamal Randha…, Agent, El Sobrante, CA
Sun Apr 8, 2012
Hello Myriam,

I can run comps on your property if you can provide the address. Refinancing may not work since you seem to be under water but there are other solutions that may work for you.
0 votes
Fred Glick, Agent, Mountain View, CA
Sun Apr 8, 2012
P.S.- I just realized where you are. I actually have MLS access for that area and can help. Call me at 415-683-6950 tomorrow.
0 votes
Fred Glick, Agent, Mountain View, CA
Sun Apr 8, 2012
Hi Miriam

The value and low refi costs are mutually exclusive. That's the good news.

As for value, we can do (free of charge) what is called an AVM (automative valuation method). It is a computer estimate at the value, not what an appraisal will come in.

But, one of the easiest and quickest ways os to ask a real estate agent in your community what they think the property will appraise for. Even though you are not ready to sell, I am sure a professional agent will be happy enough to give you an idea.

The combination of those two things should get you a ballpark.

Let me know if I can hep you.

Fred Glick NMLS#133975
U S Loans Mortgage LLC NMLS#51022
Web Reference:  http://usloans.com
0 votes
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