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Thread: Shopping for a mortgage
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10-15-2020, 02:11 PM #626"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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10-15-2020, 02:15 PM #627
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10-15-2020, 04:38 PM #628
Your correct. If the roof is torn off/incomplete and or there are windows missing on appraisal day, the appraiser will charge you $150 to come out and take a picture once complete. Talk to your lender about getting the ball rolling and having the appraiser come out once the work is complete.
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10-15-2020, 05:14 PM #629
I understand that, but window installs are done in a single day. A roof can be put on in a day or two. It is not like he needs to hold off on the refi because he plans to do those things, he just needs to make the appraisal not happen on the day the work is being done. Because if the appraiser comes on any other day, the old roof will be there and fine, the new roof will be there and fine, and same for the windows. It's not like a kitchen remodel where your kitchen is a war zone for weeks. ETA: I see you told him to get the ball rolling, I agree with that. I just think the appraiser can come anytime but a construction day. Heck, depending on where he lives, he may not even need an appraiser to come out (we know he put down at least 20% 4 years ago and his location is Portland, so the value may be sufficiently high compared to his loan balance).
"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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10-15-2020, 05:19 PM #630
They might do auto appraisal if your LTV is high enough.
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10-15-2020, 08:09 PM #631
The guys are correct, if a FNMA loan amount, with no cash out you may not be required to provide an appraisal. The lender you use should be able to tell you within a day of getting a loan application if one is required.
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10-15-2020, 08:28 PM #632
Shopping for a mortgage
however it works out timing wise it is going to ultimately equal multiple hundreds of dollars of savings each month from 4% so just relish in that thought.
I don’t see the interest rates going up anytime soon so you should be good to go for a much lower rate even if these repairs take a bitskid luxury
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10-15-2020, 10:48 PM #633
Just perusing this thread, I did alright, 25year mortgage with 2% on a 5 year term. I close sometime next week. The bank missed the original close date because they insisted on an appraisal. Why they needed to spend $900 (usually $3-400 but the appraiser had to drive about 90km each way) to have someone tell them it was worth double what we're borrowing is beyond me. The bank wanted to make us pay for the appraisal but I told them I was still pissed about the last mortgage I got from them where I paid for the appraisal and the they wouldn't even let me see it. I told him that if he was going to make me pay for it our money was leaving.
You are what you eat.
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There's no such thing as bad snow, just shitty skiers.
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10-16-2020, 07:27 AM #634
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10-16-2020, 07:41 AM #635Hucked to flat once
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10-16-2020, 08:42 AM #636
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10-16-2020, 09:05 AM #637Banned
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10-16-2020, 09:10 AM #638
Not a regulation in Canada, just the bank's policy. They wouldn't even bend it to save themselves some money.
You are what you eat.
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There's no such thing as bad snow, just shitty skiers.
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10-16-2020, 09:42 AM #639Registered User
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Lee Lau - xxx-er is the laziest Asian canuck I know
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10-16-2020, 10:11 AM #640
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10-16-2020, 10:35 AM #641
Yeah, there is a veritable arms race between Fannie and Freddie right now and one of the key weapons is the appraisal waiver. It doesn't mean there's no appraisal, just that a computer did it without anyone actually seeing the home.
It's not a federal law that there has to be an appraisal. In other words, you could get a loan from Guido without an appraisal, and without breaking any laws. But every major housing agency (gov and non-gov) requires collateral evaluation of some sort. FHA streamlines and VA IRRRL loans are arguably exceptions to this, but the underlying collateral will nonetheless have been valued as a part of the initial purchase. Incidentally, these programs provided a long track record to justify Fannie and Freddie's shift toward automated appraisals. Non-agency lenders have their own collateral requirements, but in an overwhelming majority of cases, they'll be substantially similar to the agencies.
This is the closest thing to a law you'd find on the topic (this is boring and there's really no point in reading it, but for those who want to know where the buck stops): https://selling-guide.fanniemae.com/...09-04-2018.htm
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10-16-2020, 12:16 PM #642
Shopping for a mortgage
I think another point for the layman to understand on appraisal waivers (automated) is that the underwriting model takes into consideration the overall strength of a file/qualifying scenario. Which determines lender risk yada yada. They sure are helpful. We got a waiver on a purchase last spring which fortunately helped us close in 20 days despite covid.
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10-16-2020, 04:22 PM #643
Hey, I appreciate it. Kinda figured I should just leave it alone. Not being sure was eating at me though.
Sent from my iPhone using TGR ForumsHowever many are in a shit ton.
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10-16-2020, 08:04 PM #644
https://www.fdic.gov/regulations/law...2000-4300.html
Banks get appraisals because it is a regulatory requirement. There are certain instances where you can get a waiver or a more simple valuation report.
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10-17-2020, 02:07 PM #645I drink it up
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Shopping for a mortgage
focus.
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10-17-2020, 03:04 PM #646
Couldn't get an appraiser to pick up our appraisal from the pool cuz the place is up the hill a ways so we eventually had to offer an extra $200
Brandine: Now Cletus, if I catch you with pig lipstick on your collar one more time you ain't gonna be allowed to sleep in the barn no more!
Cletus: Duly noted.
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10-17-2020, 11:28 PM #647
Specifically says loan is excluded if it (i) Qualifies for sale to a United States government agency or United States government sponsored agency;
Which is most.
Also excluded if under 400k, which is most.
Is there a regulation for fdic banks writing 400k+ loans? Yes.
Does it make appraisals mandatory for 95% of loans? No
Does belaboring this point matter to this thread? No, but if we're whipping it out and seeing how far we can piss, I just can't resist.
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10-18-2020, 09:08 AM #648
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10-19-2020, 08:35 AM #649I drink it up
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Shopping for a mortgage
Local market is bananas. My gf listed her house this morning at 7am. 4 showings and an offer above asking in 2 hours.
Asking was more than 50% over her purchase price 3 years ago. She didn’t really do much more than paint and cosmetic updates.
Feels pretty damn bubbly.focus.
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10-19-2020, 08:44 AM #650yelgatgab
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We're at 4.9% right now, but have been holding off because we're hoping to buy something else. Would it be dumb to refi now and then buy something in 6 months? I know the answer is normally yes, but how much do low rates change that equation?
Is it possible to do a cash-out refi, and use the some of the cash-out money for a down payment on a new house? I'm assuming no, but just curious.Remind me. We'll send him a red cap and a Speedo.
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