Mortgage Appraisal Course
Do you think the bank is going to drop the price to the appraised value?
I’m buying a foreclosure and currently waiting for the bank agree to drop the price to the appraised value. My offer was 170K and the appraisal is 160K. My realtor and mortgage broker are not worried; they are confident that the bank will drop the price. Of course my wife and I, the buyers, are worried that this situation may ruin the deal. Should we be worried? How likely do you think it is that the bank will drop the price?
Good for the appraiser! More should have been appraising at real value, not just what the loan needed to be for the banks to do business. The bank will likely drop the price. Good luck!
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Course. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Course
removing mortgage insurance?
i purchased a condo for 420K with 10% down. I am paying $200 a month in PMI. Since purchasing, I also put 25K into the condo in renovations. also, the bottom floor of our building was gut renovated which certainly adds value to my unit as well. Of course, the values have dropped since i purchased two years ago. Not as much as in other parts of the country…i am in a suburb of NYC. Is there any way to get my PMI removed. not sure of the new appraisal value. but i heard something about new loans not requiring this? i lost my job and it would help me to get this taken off my loan in terms of making payments…
Average home value in NY has dropped 10%, you put 10% down and paid for 2 years which might give you 1% gained. Initial years of a loan are mostly interest. Although yo put money in it never equals the amount you paid. PMI is still required on homes with less than 20% down, but then again without a job you cannot refinance. You can spend the money to get it reappraised, but it is doubtful you will reach that majic equity number