I want to refinance for only $200K with $680K value of the house to lower the interest rate,no other debt. Is there a way to avoid appraisal fee?

Asked by Newhouse, 95148 Tue Nov 1, 2011

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9
Ruth and Per…, Agent, Los Gatos, CA
Tue Nov 1, 2011
Hi Newhouse

Get in touch with your existing Mortgage holder and talk to a Mortgage Broker at the Bank and not a loan person at the front desk who cannot make a Command decision. This is quite doable at Wells Fargo or if you are with a credit union.

An appraisal right now in San Jose will run about $525.

While you may not have any other debt, the importance is your FICO score, lenders are looking for at least
3 lines of credit and whether they are paid in time. Hence, if you have 2 other credit cards and paying the balances on time monthly then that helps. A FICO of 740 is desired by the Banks.

Check on the link below.

Good luck.
Perry
1 vote
Dan Tabit, Agent, Issaquah, WA
Tue Nov 1, 2011
Newhouse,
With that much equity its possible, no guarantees, that the automated underwriting system either may not call for an appraisal or only call for a limited, less expensive one. You will know once your lender submits the file electronically what the findings are. Appraisals cost around $400 so in the bigger picture if the rate drop is enough I wouldn't worry too much about it.
1 vote
Ron Thomas, Agent, Fresno, CA
Tue Nov 1, 2011
The Appraisal is for the benefit of the Lender; so that they know that the house is worth at least the amount of the loan.
So the Lender see a $200,000 loan and a description of the property:
How do they know whether it is worth $200,000?

They will have to do an Appraisal and you will have to pay for it.

Good luck and may God bless
1 vote
Scott Godzyk, Agent, Manchester, NH
Tue Nov 1, 2011
If you are getting a mortgage that requires an appraisal, it has to be paid for either up front or is built into the mortgage in most cases. Your best bet is to meet with a lical and trusted loan officer who can assist you and answer your questions. the type of loan and closing costs are base don loan to vaklue as well as your credit.
Web Reference:  http://www.ScottSellsNH.com
1 vote
Michelle Car…, Agent, Coppertino, AL
Sun Aug 25, 2013
For any loan an appraisal will be required. Your question is whether or not you have to pay an appraisal fee. The simplest answer is ask your lender if they will either waive the fee or reimburse it to you at close of escrow.
0 votes
, ,
Wed Nov 2, 2011
If you're that concerned with that $275.00 to $450.00 fee (depending on the appraiser assigned) just ask the lender to cover it through the escrow process. Consider it the cost of getting a better rate or possibly cutting your loan term down. Seems to me it's a small price to pay.
0 votes
, ,
Wed Nov 2, 2011
It is a case by case, yes but we do not know until we run it it through the automated system. This sounds like one that could go without an appraisal fee though.

contact me through Trulia if you would like me to try for you.

Thanks
0 votes
, ,
Wed Nov 2, 2011
An appraisal for a $680,000 property is $450 or less. Banks usually charge an application fee for around $600 and some pay for the appraisal out of that. A broker can reimburse your fee at closing but in reality you still end up paying for it. With today's rates you'll recoup this in a heartbeat.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
Annette Levi…, , New York, NY
Wed Nov 2, 2011
If you currently have a FHA mortgage, you can do a Streamline refinance that doesn't require an appraisal. But you will have to pay MI.
You can also go for a higher rate that will pay some of your closing costs but you will still have to pay the appraisal upfront.
0 votes
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