How to get an appraisal on my house? I'm underwater with a 6.55% interest rate in a neighborhood I don't like so I'm trying to investigate options.

Asked by Glenda, jax Mon Sep 17, 2012

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Voices Member, , Denver, CO
Tue Sep 18, 2012
Hello Glenda,

If you are looking to refinance and currently have a conventional loan, I can assist you with the HARP program. This program is for borrowers who are underwater and allows for unlimited loan to value. With a current interest rate over 6% you could potentially save a substantial amount on your payment each month. Please feel free to give me a call and I will be happy to go over you quaifications for this program.

Alice Barker
Licensed Mortgage Broker
NMLS #371609
Ameritrust Mortgage Associates LLC
Cell: (904)-614-7312
1 vote
Patti ODwyer, Agent, Jacksonville, FL
Mon Sep 17, 2012
Glenda, if you have an fha loan, you can refinance without an appraisal. Use the company you are already with, and ask them about this program. As long as you have made payments on time for two years, they will do it. I did it a 18 months ago, and wells fargo even picked up the closing costs so it didn't cost me anything. I was about $40K underwater at the time and went from 6% to 4%. I think they call the program "Rolldown".
1 vote
Frank & Shar…, Agent, Fleming Island, FL
Mon Sep 17, 2012
Hi Glenda,

We are refinancing our home through EverBank and will be saving about $400 a month. Definitely check out your options with banks and speak with a real estate agent who can give you an opinion on the value of your house. You may still opt for an appraisal, depending on how definitive he or she is with the comparable sales. Some homes are easy to value and some are not.

Hope you found this helpful.

Best regards,

Sharon Alters
Coldwell Banker Vanguard
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Sep 27, 2012
Good afternoon Glenda,

Your best bet is to either discuss with your existing Lender or a local Mortgage Banker your options of refinancing under the HARP loan program if your loan is with either FannieMae or FreddieMac. The HARP program has expanded Underwriting criteria, especially with regards to appraisal valuations, to make it easier for homeowners like you to refinance to current low interest rates.

Trevor Curran
NMLS #40140
0 votes
Don Price , Agent, Orange Park, FL
Mon Sep 24, 2012
Glenda, Lots of info given here. I am a state certified residential real estate appraiser and a Remax Realtor. I specialize in distressed properties as a Certified Distressed Property Expert(CDPE) and Short Sale, Foreclosure Resource(SFR). Let me know if I can be of assistance to you. Call or email me 904-962-8089
Thank you,
Don Price USN-RET
Remax Specialist
0 votes
John Breen, Agent, Jacksonville, FL
Mon Sep 17, 2012
Hi Glenda, I can help you find Market value just email your address my way. If you don't like the neighborhood maybe it's time to sell and move on. I can help with that also. Have a great day. John.
0 votes
michele rich…, Agent, Jacksonville Beach, FL
Mon Sep 17, 2012
I just had my home refinanced last week, 20 years conventional for 3.5% through People's Bank (based on credit score, income to debt ratio, length of employment and value of home). If you want my contact let me know. They will order an appraisal which you have to pay up front. I would suggest getting the comps first in your neighborhood before you proceed.
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Terri Vellios, Agent, Campbell, CA
Mon Sep 17, 2012
You can hire and pay for an independent appraiser, but I would suggest you call your local neighborhood real estate agent and have a sit down, face to face. They will be able to give you the market value of your home, discuss your options and provide you strategies and resources.

This invaluable help doesn't cost you anything.

Get the facts and you will be in a better position to make an educated decision for yourself.

Have an amazing day!
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