Mortgage Appraisal Sites
Why do some houses say they required a pre-approval through a certain bank?
I’ve been looking through some homes, I’m preapproved through a local credit union but I noticed on the realtor web site it says “Property is being sold ‘as is’. Bank of America Home Loans and VA addendum’s required. Free appraisal if buyer finances through Bank Of America Home Loans. Pre-approval letter from Bank of America required with all offers.”
can someone explain to me why this is? why would it matter where you go to get the mortgage loan?
More than likely, the owner, i.e., after foreclosure is Bank of America, or in the case of a short sale, the lender is Bank of America (prior to foreclosure). The banks do this so that they don’t waste time with borrowers who are not qualified to buy a house. This happens a lot in this market.
Additionally, if the borrower/purchaser is qualified, Bank of America would like to get the loan, turning a non-performing asset into a performing asset (loans are assets for Banks). And,
Finally, the more items that the bank can control, the greater their chance of the most recovery from their investment. They can approve loans quicker in many cases on an REO property (real estate owned [by the lender]), thus reducing their carry costs.
Please keep in mind that it is a RESPA violation to “force” a borrower to use a particular lender, title company, etc. The borrower has the absolute right to use whomever they like. However, the Lender is more likely to enter into a purchase contract if they have prequalified the borrower. It’s ok to get prequalified by the bank, then you can choose who you want to use for financing, the lender or the Credit Union in your case.
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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 Sites. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Sites
Where I can get the most accurate estimate of the value of my home?
My husband and I are trying to refinance our home. We look forward an evaluation for next week, and I'm just a little nervous about how the housing market has behaved in recent years ( bought in 2009). I've looked at Zillow, Cuberhomes, Chase.com, etc. and there is a nice variation in what I see our house is worth (some sites collect "comparable" 700 square feet that are smaller or condos when we have a host family). Our mortgage broker seems to rely on the evaluation we need it, which is about 3,000 less than we paid for 2 years and 11,000 less than what is tested for when we bought it. Any advice? Thank you very much thanks in advance!
An appraiser who knows your area and doing a thorough job is your most reliable source, followed by a time agent with experience who watches home sales and can read the compositions properly. An agent only has a clue what they are doing in certain neighborhoods. An agent knows the neighborhoods in which an appraiser can not.