JOSEPH, Home Buyer in 20910

I have paper equity bec. we bought a house last June 08 for 368T but the appraisal was about 380T.

Asked by JOSEPH, 20910 Thu Nov 27, 2008

On Dec, (6th month) can I re-finance the house and will I need another appraiser? can anybody refer me a mortgage officer who can best find me a low interest loan. I have FHA loan by the way. thank you.

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Kim Mills, Agent, Crofton, MD
Fri Nov 28, 2008
If you would like a local lender, I would be happy to refer you to the one that does the majority of my business. Just give me a call and I will give you his name and number. That way you can discuss your concerns and questions one on one. Yes, you will need a new appraisal.
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Mike Benton, , Maryland
Fri Nov 28, 2008
I would say No, with the cost of a refi and also you may not have the equity in your house anymore/ou will need an appraisal completed and that will run between 300-400 dollars. I would think it will some time before a refi would be feasable.
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Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Thu Nov 27, 2008
Whether or not you can refinance depends on a couple things. What did you pay for the home? Is it still worth at least what you paid for it? What is your credit and income like currently? This is a pretty loaded question but I'd be happy to assist you.

To answer your second question, you'll need a new appraisal. Appraisals were good for six months in the past but with the most of the nation suffering from declining markets (some areas more than others), appraisals older than four months may not be allowed soon (in some areas that may already be the case). That doesn't mean the old one can't be used as a reference, it's usually good to provide a copy of it if you have it.

Since you currently have a FHA loan, doing a rate/term refinance for you would be fairly easy. Rates at this time are also much better than they were in June. I have the ability to protect pricing overnight which also means I can protect pricing during a holiday and over the weekend as well. Currently the market has improved significantly for what could be a very short window. Back in January we had a window much like the one we're currently in. It lasted for about four hours (the really good window of opportunity), the entire length of time things were fantastic for refinances was only a couple days (rates quickly shot up to the mid/upper 6's shortly after).

I'm working all weekend, feel free to call me.

Rob Weber
Wells Fargo
If you need to call me immediately, you can find my cell on my website.
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