Need to refinance house - Suggestions on who to use ?
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22-02-2016, 09:11 PM (This post was last modified: 22-02-2016 09:19 PM by Zeus.)
Need to refinance house - Suggestions on who to use ?
We should have done a refi years ago but kept thinking we might sell soon. Finally recently we went thru the process with current 1st and 2nd mortgage holder (Wells Fargo) to combine for one jumbo loan of $500,000.

Net worth, monthly money flow excellent, credit excellent (809 Fico). WF drags feet with all sorts of stupid things I won't go into here...but the end result we are appoved but to my astonishment the appraisal comes in nutty low.. right at $500,000.

This area (Beaufort, SC) never went nuts high like some parts of the country during the housing bubble but we were at around $1.2 million back then, appraisal in late 2009 a few months before bottom was $750,000. This is in town deep water with our own dock property.

Problem is no real comps...unique property, in better condition than when it appraised at $750,000...so apraiser had nothing really comparable to go by and went super conservative.

At this point, it is hopeless with WF but wondering if part of the issue is since they get $1,300 more per month if we stay with status quo, they have no inspiration to fight to get the appraisal up ?

1. As such will a lending institution we don't have the two mortgages with be more inspired to fight a low appraisal like that to get our business ?

2. The bank I have a (much smaller amt) business mortgage with is smaller bank and does home refis via an arrangement with Quicken Loans. Might the rate be better, or any other reason to go direct with Quicken rather than working with local small bank ?

3. Other ideas ?

=======================

As an aside, just yeterday there was an open house in our neighborhood where a house same size, same age (late 90's), but across the street with .4 acre lot (we have over twice that) no water view much less a tidal dock, much less a DEEP water dock like we have, was listed at $420,000.

If $420K is legit figure for that house, ours should be $750K at least. Still, they may end up taking $320....but that still puts us at $650 in comparison.... $500K is nuts.
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22-02-2016, 09:33 PM
RE: Need to refinance house - Suggestions on who to use ?
(22-02-2016 09:11 PM)Zeus Wrote:  Net worth, monthly money flow excellent, credit excellent (809 Fico). WF drags feet with all sorts of stupid things I won't go into here...but the end result we are appoved but to my astonishment the appraisal comes in nutty low.. right at $500,000.

Hire your own appraiser. Ask a real estate agent for a recommendation. Or 3.

(22-02-2016 09:11 PM)Zeus Wrote:  3. Other ideas ?

Mortgage brokers provide a valuable service. Your FICO score makes you a guaranteed loan that everyone wants. The mortgage broker will find you the best rate and insist that the highest of the appraisals be used in consideration. With that FICO score it won't be a problem.

#sigh
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22-02-2016, 10:11 PM
RE: Need to refinance house - Suggestions on who to use ?
(22-02-2016 09:33 PM)GirlyMan Wrote:  Hire your own appraiser. Ask a real estate agent for a recommendation. Or 3.
Supposedly these days the mortgage lender has to choose appraiser at random. If they can't choose the appraiser, then I would think the possiblity that we can is nil.

So the question then becomes is the new random appraiser choice rule a WF rule, SC or Federal ? ....or BS ?
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23-02-2016, 07:21 PM
RE: Need to refinance house - Suggestions on who to use ?
(22-02-2016 10:11 PM)Zeus Wrote:  
(22-02-2016 09:33 PM)GirlyMan Wrote:  Hire your own appraiser. Ask a real estate agent for a recommendation. Or 3.
Supposedly these days the mortgage lender has to choose appraiser at random. If they can't choose the appraiser, then I would think the possiblity that we can is nil.

So the question then becomes is the new random appraiser choice rule a WF rule, SC or Federal ? ....or BS ?

Small lenders and brokers will be highly motivated to get your business because they are just going to turn around and sell it somebody like Wells Fargo. The appraiser has a code of ethics he has to follow but there is a lot of subjectivity (especially with no comps) so the small lender will find one that will err on the high side instead of being cautious. At least that's what I think.

#sigh
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23-02-2016, 08:24 PM
RE: Need to refinance house - Suggestions on who to use ?
I prefer 5 gallons of gasoline and a disposable lighter................


But that's just me....

Big Grin

.......................................

The difference between prayer and masturbation - is when a guy is through masturbating - he has something to show for his efforts.
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