I got a homeowner problem as well - Chicagoland Sportbikes
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post #1 of 18 (permalink) Old 11-05-2002, 08:26 AM Thread Starter
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I got a homeowner problem as well

Bought the house a little over a year ago. It's new construction and I didn't put 20% down so I'm paying PMI on my mortgage. Not to many sellers in the neighborhood to gauge a value from. Besides most websights don't tell you much about the houses that were sold to compare mine too. I need it to appraise at about 200k to lose the PMI. How do I find out if the value is there so I don't waste money on an appraisal to submit to the bank.

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post #2 of 18 (permalink) Old 11-05-2002, 08:27 AM
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Call a mortgage broker. Banks are two ridgid about stuff like that. I'll PM you the number of mine, he is a geniuos with numbers. Hell My Busa got payed off becasue of him. and my payments still went down.




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post #3 of 18 (permalink) Old 11-05-2002, 02:46 PM
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I just had my house appraised b/c I'm refinancing. Unfortunately for me, I dont quite have 20% equity in it yet to drop my PMI.

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post #4 of 18 (permalink) Old 11-05-2002, 03:08 PM
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I don't know what everyone is telling you because that word is apparently not allowed. But if they are referring to "a person who sells houses" I agree. They should be able to give you a pretty close estimate.

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post #5 of 18 (permalink) Old 11-05-2002, 03:58 PM
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Brian: I have a form at work, that helps calculate the value of a structure. Granted, the land is not included. It may give you a rough ball park figure as to the value of the house.

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post #6 of 18 (permalink) Old 11-05-2002, 04:02 PM
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Any good real estate agent can do a free market appraisal for you....just lead them on that you are considering selling and using them as the listing agent.

Rule of thumb:
The agent's appraisal should always be lower than the mortgage lender's.

Crazy...talk to a lender about two loans 80/20 with the 20%of loan value being a home equity line.. Rates are so low now that you can avoid PMI this way....
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post #7 of 18 (permalink) Old 11-05-2002, 05:20 PM
 
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Mortgages

I'm a mortgage broker and can tell you that a Real Estate agent giving a market analysis will almost always come in higher than an actual appraisal. Also, if the development is new and still offering newly constructed models, don't count on your house appraising for the amount that the new models are going for....a consumer would rather buy new than used.

PMI: Often PMI can be [B]reduced drastically[B] if not eliminated by refinancing. If you're looking to keep your current mortgage and simply remove or reduce the PMI don't hold your breath. Most mortgage companies/banks will send out an extremely conservative appraiser. Because you just purchased your home one year ago, chances are the value will come in very close to the purchase price which obviously will not help your situation. There are other programs available outside the conventional single mortgage programs that will eliminate your PMI.

Another FYI, rates are substantially lower now than they were one year ago!! By refinancing you could lower &/or eliminate PMI plus save $$ on interest as well.

If you'd like more detailed information on your options, PM me. I'll be more than happy to help and it won't cost you anything for the advice.
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post #8 of 18 (permalink) Old 11-05-2002, 05:52 PM
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Quote:
and can tell you that a Real Estate agent giving a market analysis will almost always come in higher than an actual appraisal.
I guess it depends on the agent's sense of reality and how long they want to sit on the property as the listing agent....my agent was in tune with the area and was realistic.....my appraiser basically asked me what I wanted out of it and made it so.
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post #9 of 18 (permalink) Old 11-05-2002, 05:57 PM
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Quote:
Also, if the development is new and still offering newly constructed models, don't count on your house appraising for the amount that the new models are going for....a consumer would rather buy new than used.
My point exactly....every one of you that bought new construction is proof....you all wanted something new and custom...even if there were not any existing homes I am sure they had spec houses or models for sale....still you chose new because the price was not that much more.

I'd like something new too....I just can't justfy where I'd have to go to afford it...
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post #10 of 18 (permalink) Old 11-06-2002, 12:07 AM
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Re: Mortgages

Quote:
Originally posted by CrznChick
[B]PMI: Often PMI can be [B]reduced drastically if not eliminated by refinancing. If you're looking to keep your current mortgage and simply remove or reduce the PMI don't hold your breath. Most mortgage companies/banks will send out an extremely conservative appraiser. Because you just purchased your home one year ago, chances are the value will come in very close to the purchase price which obviously will not help your situation. There are other programs available outside the conventional single mortgage programs that will eliminate your PMI.

Another FYI, rates are substantially lower now than they were one year ago!! By refinancing you could lower &/or eliminate PMI plus save $$ on interest as well.
OK I bought this house 1 year ago Sept. Refinanced this past sept. I never had PMI or Escrow for taxes/Ins. Not that I put 20% either. It was a bit of financial manipulation. See below.

80% Primary Loan (looks like 20% down to lender)
10% Secondary Loan
10% Down Payment

No difference in the payments but avoided that crappy PMI. I'll collect the interest on the tax and insurance money I save and pay myself when due.

I head the Fed might drop rates tommorrow. I would look into refinancing. Might not need to do anything more than that.

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post #11 of 18 (permalink) Old 11-06-2002, 10:21 AM
 
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Re: Re: Mortgages

Quote:
Originally posted by Champ91


OK I bought this house 1 year ago Sept. Refinanced this past sept. I never had PMI or Escrow for taxes/Ins. Not that I put 20% either. It was a bit of financial manipulation. See below.

80% Primary Loan (looks like 20% down to lender)
10% Secondary Loan
10% Down Payment

No difference in the payments but avoided that crappy PMI. I'll collect the interest on the tax and insurance money I save and pay myself when due.

I head the Fed might drop rates tommorrow. I would look into refinancing. Might not need to do anything more than that.
Yes what he said!! There are also programs like the above without any money down.

80% Primary Loan
20% Secondary Loan

These programs are also available for refinancing purposes as well. For those of you with FHA mortgages wishing you could take advantage of the lower rates but don't want to haggle with all of the paperwork you had to go through when you bought your home, there are streamline programs that do not require anything other than an application. No paystubs, no tax returns, nothing but a clean payment history on THAT account only. We don't look at credit outside of the mortgage. Costs are minimal and often times zero.
Basically we can structure mortgage loans to fit your situation. It's easier to get a mortgage loan than it is to get a credit card or car loan.

To avoid sounding like an advertisement here, these programs are offered by most brokers.
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post #12 of 18 (permalink) Old 11-06-2002, 05:41 PM
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I am actually closing on my refinance the week of the 18th. I'm going from FHA to conventional. Thus, I get a good chunk of money I paid for up-front when I closed originally for the PMI. It is going to roughly be around $2,000.

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post #13 of 18 (permalink) Old 12-02-2002, 12:25 AM
 
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Crazy, if youre interested, I am a real estate appraiser....you can call me at 708 447 9793, I can look through some comps for you and quickly give you a ballpark of what your value is.....okay?


Also, If any of you guys or girls need any refinance or purchase work, I am affiliated with alot of Loan Officers, and some realtors...so if you need anything, give a buzz and Ill let you know if I can help you out.....have a great day
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post #14 of 18 (permalink) Old 12-02-2002, 01:27 PM
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post #15 of 18 (permalink) Old 12-02-2002, 01:39 PM
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I am interested in some "friendly" appraisals for a few HUD properties I own.

Awww.... faaagitaboutit....
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post #16 of 18 (permalink) Old 12-02-2002, 01:40 PM Thread Starter
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Quote:
Originally posted by Kruz
I am interested in some "friendly" appraisals for a few HUD properties I own.

Awww.... faaagitaboutit....
I wan fotty five percent of that deal ah!!!

Brian (F.K.A. Crazy)

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post #17 of 18 (permalink) Old 12-02-2002, 02:09 PM
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We go way back....10% no negotiating.

{That request will get ya whacked real quick}
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post #18 of 18 (permalink) Old 12-02-2002, 02:14 PM Thread Starter
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Quote:
Originally posted by Kruz
We go way back....10% no negotiating.

{That request will get ya whacked real quick}


Not responding

Brian (F.K.A. Crazy)

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