Rates are down today. As of noon, it’s been a crazy day in the markets with stocks and bonds both down. I recommend locking as it seems as though investors may be pulling out of both stocks and bonds today in favor of commodities like Gold. Today’s comparison mortgage rates with no lender fees are 4.0% on a 30 year, 3.25% on a 15 year and 3.0% on a 5/1 ARM. Click here for more details.
When getting a mortgage, every appraisal is a painful reminder of the financial crisis. No one likes it, not even the appraiser.
Today I share a few tips that will help ease the pain of appraising your home.
R-A-T-E-S-I-N-M-O-T-I-O-N spells relief in today’s episode:
If You are Refinancing:
Make sure you are realistic about your appraised value. Don’t tell the mortgage loan originator your house is worth $400,000 because that’s what you paid for it four years ago.
Do your research! Get a feel for what the housing market is like in your area.
If you have no idea what your house is worth, just say it. Your lender should be able to help with a good estimate. The city assessed value is a great starting point.
Inflating the appraised value does you more harm than good. You will be disappointed when you discover the real value of your house and it could ultimately affect your interest rate, or even disqualify you from getting a mortgage.
Be realistic! This will ensure you don’t waste money on an appraisal you can’t use.
If You are Selling a Home:
Make sure your Realtor uses the same comparisons (also called comps) an appraiser would need to find the value of your home. Most real estate agents will know to do this. If yours does not, it may be time to consider finding a new one.
Even though a market analysis is not the same as an appraisal, the estimates from your Realtor and appraiser should be close if they use the same comparison guidelines. If your Realtor is on the same page as a local appraiser, the appraisal process will be much easier.
If You are Selling Your House Yourself:
It’s not going to be easy. All I can say is you probably need to find a Realtor. It’s so hard to price a home by yourself in today’s marketplace.
Make sure you check out our new Mortgage Information tab. I’ve added some new videos that explain how your lender prices a loan and what a credit overage means. You can also see what your lender sees when they price your loan from an actual live pricing engine.
This is definitely not something most lenders want you to see!
Let’s change the way people shop for a mortgage…forever!
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002