We may not be able to refinance our mortgage...

@reinydawn (11649)
United States
January 22, 2009 1:19pm CST
We're trying to take advantage of the low interest rates on mortgages right now and refinance our house. Our biggest problem is that we need to have the house appraise at a certain value in order to get the new loan. Because of the very low sales going on lately there isn't really much to compare it to. Our house is not much like any of the other houses around either because we've got 2 additions put on. The appraiser was just out this morning to check the house out and I really don't think it looks like he can make the appraisal for what we need it to be. I really want to refinance our mortgage, but I don't know that it's going to happen :-(
4 responses
@moondancer (7433)
• United States
22 Jan 09
I sure hope things work out for you and the family reiny, and that what you need happens soon.
2 people like this
@reinydawn (11649)
• United States
23 Jan 09
We should know in the next couple days. If all goes well, we're signing papers next week.
• United States
26 Jan 09
I hope you can refinance your home. We cannot because we own more on our home then it is worth. We bought when the housing market was at its highest and now it is so low so we are upside down with our mortgage.
@reinydawn (11649)
• United States
26 Jan 09
We weren't sure if we would have that problem or not, but it looks like we might. We've also run into another snag that is on my credit report and I don't really know what it's about.
1 person likes this
• United States
28 Jan 09
I hope you can get your credit fixed and everything goes your way.
1 person likes this
@reinydawn (11649)
• United States
29 Jan 09
I don't know what happened with the credit thing... I don't know that it was a big deal because they were saying I was an authorized user on an account, but I have no clue what it was. They wanted to know who's account it was, but I couldn't help them out there. I am getting my credit reports so that I can see what it is. I don't want something on my credit that isn't mine. We ended up not getting the refi anyway because of the appraisal. I was worried about that, and it ended up being a huge problem.
1 person likes this
@suzzy3 (8352)
22 Jan 09
I am sure that things will work out for you,I really hope it does it is such a worrying time.I expect they will sort out something for you,they really do need the business at the moment.Hope it goes well for you.
1 person likes this
@reinydawn (11649)
• United States
23 Jan 09
I just know that the banks are being very strict with the mortgages now because of what's going on in the housing industry.
@owlwings (41835)
• Cambridge, England
22 Jan 09
The mortgage company will, of course, do their own appraisal which will generally be on the low side. You should contact three local real estate agents and have your own appraisals done. Agents will very often do an informal appraisal for free (on the assumption, of course, that you are looking to sell - there is no need to tell them that you are not: it could be just one of the options you are considering!) They may, however, want to make a small charge for a written appraisal. These appraisals should give you a better idea of what the market value of your house might be at the moment and might give you a bit of leverage over the mortgage company's own assessment.
1 person likes this
@reinydawn (11649)
• United States
23 Jan 09
Any other time and I'd totally agree with you. But with the housing market the way it is right now, the banks are not giving much leeway on this kind of stuff. With the amount of foreclosures going on, the bank will go with the lowest appraisal out there so they don't get stuck with a house that doesn't sell - in the event they have to foreclose on it. I totally understand why this is happening, and I do agree with it, I just don't like it too much...