Property Value/Appraisals RANT

[dmccarty]

How high is your interest rate now? Rates have been so low for so long. If your balance is big enough .75 would make a difference if the fees were low. I thought the taxpayers might be on the hook for all or some in order to make it worthwhile at .75 reduction.

Good on you if it works out.

A drop of .75 is a big drop over the current rate and like I said, it works out to a car payment. A small car payment these days but still a car payment. The costs the bank gave the wife were what other refi's have cost us, and in 10-12 months the closing costs will be recovered.

Taxpayers are not on the hook on this as best I can tell. This is a win win for us and the bank.

Later,
Dan

 

[dmccarty]

I would be EXTREMELY CAUTIOUS about getting into any special program with the government. There are usually clauses where the recover the money at time of sale etc. The government does not make anything better, cheaper, or faster.

HARP is not giving money to anyone. Much less taxpayer money to the homeowner or the banks. HARP changes the rules to allow people to refi who would not be able too because of the current rules. We are in an area that allows us to use an automated appraisal which saves a bunch of money. We lost $750 last summer to a "real" appraisal. The automated appraisal used by HARP costs nothing and it sure can't be any worse than what we paid for last year.

For HARP you cannot have missed a payment in the last six months, and only one in the last 12 months, so they are going after home owners that are paying the bills. People who refi and save money should be less likely to loose the home.

Late,
Dan

 

[ultrarunner]

When I contacted my existing lender to refi my adjustable rate loan... lender still wanted an appraisal fee and said Harp would be my best option.

I bought in 2003 and my zip code has a ton of foreclosures... my neighborhood doesn't.

Turned out to be academic anyway... they really dropped the ball over the holidays and then wanted $3,000 extra after the rate lock expired.

I'm in process with my credit union now and the appraiser is scheduled for Tuesday...

At this point... it would be great to get the 2.75% 15 year rate... not holding my breath like I was in December...