UnThreaded | Threaded | Whole Thread (28) | Ignore Thread Prev | Next
Author: WotPeed Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127262  
Subject: No comps = no refi? Date: 10/11/2012 5:47 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I'm considering a refi on my house. I'm looking to combine a fixed rate first mortgage and a HELOC into a new FRM. Since this is considered a cash-out refinance lenders are a little more strict on the CLTV limits. My CTLV will be close to that limit, depending upon the appraised value of the house. Unfortunately there are no recent comps in my neighborhood upon which to base an appraisal. There are lots of houses just like ours nearby (all up and down the street!), just none of them have been sold recently.

My loan officer (who seems to know her stuff and comes highly recommended) says she's "trying to find an alternative" but is hinting at the fact that no comps means no appraisal, and no appraisal means no refi. Is it that cut and dry? I know things are a lot tougher these days but I would think there must be some sort of acceptable method of determining an appraised value when there are no good comparable sales.

Any advice?

Thanks,

Wot
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (28) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement