Is no news good news? - Chicagoland Sportbikes
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post #1 of 5 (permalink) Old 12-15-2003, 07:08 PM Thread Starter
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Is no news good news?

Ok so I'm trying to get my house refinanced. It needed to hit a certain amount on the appraisal in order for the loan to go through how I wanted. The appraisal guy came out on Thursday of last week, and said he'd have the paperwork in to the mortgage company by Friday. I've been busy all day, have not heard anything back from either of them yet (today was the deadline for the application, etc.)

I have already scheduled my closing date, etc. at the title company. I would think that if I did NOT hit the number I'd need, the mortgage company would have called me and notified me that the loan isn't going to fly, no?

Think it's safe to assume "No news is good news"? (Of course I'm going to call them tomorrow anyways...) If it goes through it's going to save me a TON of money. It means the difference between MAYBE POSSIBLY having a race budget next year, and becoming a full-time crew chief...

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post #2 of 5 (permalink) Old 12-15-2003, 07:44 PM
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I assume you told the guy what you were looking to get? If so you probably got it, as long as it was resonable.




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post #3 of 5 (permalink) Old 12-15-2003, 08:17 PM
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I work in the loan industry (8 yrs) and 'usually' NO NEWS IS GOOD NEWS. If there was an issue you would have been contacted and maybe even the appraiser would have told you that you were not going to get what you needed. Also, depending on the mortgage company, the company usually tells the appraiser what loan amount they are doing and how much of an appraised value they are looking for to get the loan done. But, if you want to be sure get involved with some phone calls to the mortgage company, but this scenario is not uncommon. Good luck.

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post #4 of 5 (permalink) Old 12-16-2003, 12:41 AM Thread Starter
Grand Master Crash
 
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Yeah, I told the guy what I was looking to get, and I don't think it was all THAT unreasonable. I'm shooting to see a value increase of +35k over what I bought it for 2 years ago. A lot, I know, but considering the house across the street from me that's HALF the size of my place just sold for 30k over what IT originally sold for - and a new townhouse development down the road from me has new units going for 45k over what I'm hoping mine is worth NOW... I figured I should probably come pretty close to getting what I want.

I also made sure to tell the guy a couple times what I was hoping to hit. I've heard stories that these guys are somewhat impressionable if their actual calculated value is fairly close to what you're trying to hit.

Keeping my fingers crossed.....

Jim Ptak
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post #5 of 5 (permalink) Old 12-16-2003, 01:01 AM
Who's faster Lupi
 
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You should be OK Omni. We are just up the road from you and our house valued out at $40k higher than what we bought it for 2 years ago. good luck

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