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  1. #626
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    Quote Originally Posted by Bobcat Sig View Post
    Since this seems to be a good resource; I'll ask here. With rates where there are, I'm thinking of a refi. Come March, we will have been in our house for four years. We put enough down on purchase that we never had PMI. I think our rate is 4.5% on a 30 year fixed. As I type this, a new metal roof is going on and windows are going in at the end of the month. Should we start the refi process now or wait until after Jan 1?

    Our goal isn't to cash any money out, just to reduce our rate and our monthly outlay so we can invest that money elsewhere.
    jesus, refi now. And I don't think those changes are a "remodel" that should cause you to wait.

    You should have probably refied a while ago. You've been overpaying for a while.
    "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

  2. #627
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    Quote Originally Posted by Danno View Post
    jesus, refi now. And I don't think those changes are a "remodel" that should cause you to wait.

    You should have probably refied a while ago. You've been overpaying for a while.
    Fair enough. I was under the impression that the construction should probably be completed for the appraisal?

  3. #628
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    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.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  4. #629
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    Quote Originally Posted by liv2ski View Post
    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.
    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

  5. #630
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    They might do auto appraisal if your LTV is high enough.

  6. #631
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    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.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  7. #632
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    Shopping for a mortgage

    Quote Originally Posted by Bobcat Sig View Post
    Fair enough. I was under the impression that the construction should probably be completed for the appraisal?
    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 bit
    skid luxury

  8. #633
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    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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  9. #634
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    Quote Originally Posted by Beaver View Post
    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.
    It's a regulation. Write your congressman.

  10. #635
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    Quote Originally Posted by JaytaeMoney View Post
    It's a regulation. Write your congressman.
    Is it? I just refined with no appraisal.

  11. #636
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    Not a regulation. It just depends on if you receive a waiver from one of the two Automated Underwriting engines all lenders use, unless it is a Jumbo loan amount. Then you have to have an appraisal.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  12. #637
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    Quote Originally Posted by liv2ski View Post
    Not a regulation. It just depends on if you receive a waiver from one of the two Automated Underwriting engines all lenders use, unless it is a Jumbo loan amount. Then you have to have an appraisal.
    Is this the same in all states? I have had my home for just over a year now and re-financing and they are asking for another $500 appraisal? Home was literally just gutted and redone a year+ ago...what gives?

  13. #638
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    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.
    ---------------------------------------------------
    There's no such thing as bad snow, just shitty skiers.

  14. #639
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    Quote Originally Posted by Beaver View Post
    Not a regulation in Canada, just the bank's policy. They wouldn't even bend it to save themselves some money.
    well there is only 5 major banks and they all have the same policy ... cover thy rectum

    last mortgage I got was with Tangerine bank which was significantly cheaper than the big 5, it was all done virtually by phone/ computer
    Lee Lau - xxx-er is the laziest Asian canuck I know

  15. #640
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    Quote Originally Posted by Danno View Post
    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).
    Quote Originally Posted by 4matic View Post
    They might do auto appraisal if your LTV is high enough.
    Quote Originally Posted by liv2ski View Post
    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.
    Quote Originally Posted by babybear View Post
    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 bit
    All good. Thanks for the advice, all. I appreciate it.

    I have the name of a respected local mortgage broker so I'll make a call.

  16. #641
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    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

  17. #642
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    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.

  18. #643
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    Quote Originally Posted by liv2ski View Post
    jm2e, I ran a N/O/O scenario for you and there is not pricing available that justifies you refinancing at this time. Maybe if you LTV was under 60%, but not at 75% to 80%.
    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 Forums
    However many are in a shit ton.

  19. #644
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    Quote Originally Posted by liv2ski View Post
    Not a regulation. It just depends on if you receive a waiver from one of the two Automated Underwriting engines all lenders use, unless it is a Jumbo loan amount. Then you have to have an appraisal.
    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.

  20. #645
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    Quote Originally Posted by JaytaeMoney View Post
    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.
    Meh. Mostly it’s just policy, theirs or their investor’s, for 90+% of mortgages. Not that the reg doesn’t influence the policy. Not requiring an appraisal is a risk you don’t get paid for, and banks aren’t in the business of taking risks that they aren’t paid for.
    focus.

  21. #646
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    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.

  22. #647
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    Quote Originally Posted by JaytaeMoney View Post
    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.
    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.

  23. #648
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    ^^^That's funnez Matt. I said fuck it. Guess I am getting to old to do the pissing contest thing.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  24. #649
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    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.

  25. #650
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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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