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Can I refinance with cash out at 85% loan to value?

I'm concerned that my home value won't be at the appraised value for 80% LTV. Also is there a way to verify appraisal value before shelling out the $500 and then finding out the value doesn't cut it? by joe.raccio432 from , California. Dec 2nd 2013 Reply


Jedd Nabonsal (jeddnabonsal)
#524 ranked lender in California - 27 contributions

You can do an 85% cash out loan on a conforming Fannie Mae Loan up to $417,000 loan amount.You will have a Monthly or Single Premium, Private Mortgage (PMI), Insurance payment."PMI" would not be needed if the Loan to Value is 80% or less.With new Sweeping Regulation regarding the Appraiser's activities, and responsibilities, The Appraisal is more than ever a TRULY independent estimate of value. The Appraised Value is a comparison of recent nearby similar homes.There is no exact way of knowing what some independent appraiser may determine to be your home's value.You may check for recent local sales in your area if you have access to such information.You could check with a local Realtor, or your loan agent, for information regarding recent comparable sales to determine your own estimate of value.If the deal is "tight" on the value, you do risk the appraisal money in case a low appraisal comes in.Maybe 85% cash out financing would solve that.If you are realistic about your own home's CURRENT value in TODAY'S MARKET, then you will most always get the appraisal you believe you will get.Jedd Nabonsal Los Angeles, CA Jeddnabonsal@gmail.com Priority Financial Network 310 433 1703 You did not provide a loan amount.Speak to a lender in your area

Dec 2nd 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,587 contributions

Yes.. 85% is allowable, but understand you will have to pay a small mortgage insurance policy since your loan to value would be greater than 80%.. as far as the appraisal goes, there are several sources.. Zillow, Trulia, your county acessors office, local real estate agent, and even your mortgage lender can help you with getting a well educated guess to your valuation.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's NUMBER #1 lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 3rd 2013
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PS- I'm from Wisconsin

Dec 2nd 2013
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Rob Miller (LenderTimes)
#41 ranked lender in Wisconsin - 13 contributions

Jed is absolutely correct...Great answer....The best thought to find out the value of your property is to contact a realtor and have them do a market analysis of your home...IE what they would list it and what you can expect ot get if you sold it.... They normally dont do this just because(normally they are expecting that you plan to list your home for sale) so if you have realtor friend I would ask them as a favor....otherwise...you can fake a listing appointment and go from there....you may also check with local appraisers...again they wont like to do that for free...

Dec 3rd 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

As mentioned, you or your lender can help you do a little research on the value estimate. Usually the best you can hope for out of this is to find out if the value is NOT there and that there may be a chance of your property appraising for what you are hoping. Ultimately you have to decide whether to risk the money or not. It is important to contact and deal with a lender that will help you figure this out as well as give you a few options as to how to structure what you are trying to do. I am a Nationwide lender so if you need further advice or assistance feel free to contact me by email at robhanson@emortgagegroup.com or phone at 240-752-7549. Good luck!

Dec 3rd 2013
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