make home refinancing is something like punch glass. Overcome problems that may arise in the process could be almost impossible. Let's say that in these times refinance a mortgage can be a nightmare. Much like the loan modification . [
The application process for mortgage loans, home refinancing or financing of mortgages each day becomes more difficult. The obstacles are thousands and obstacles have been created by the government to give people entedender they are doing something that does not happen again and we know what happened with mortgage loans. It turns out that instead of helping they are making things more difficult. And there is light at the end of the tunnel.
If you are looking to refinance their home, here we indicate some of the obstacles he faced to think about it well before starting and do not waste your money. Why lose money? Because it would have to pay $ 450 to $ 650 and sometimes more for an evaluation and due to the laws of evaluation nonsense that these people of Washington have taken, you you can not give an estimate of the value of your home or you evaluator can ask before you do your job. Why? That under the new laws it is illegal! then that means you, the borrower will lose your money because of these laws that make no sense. Do not apply for a refinance home, without first knowing how things work well, if you do not lose money.
Before this law so ridiculous that I get the New York attorney general Andrew Cuomo (also delve into this subject in another article), an evaluator could Derlo the approximate value to the borrower before the evaluation, if according to comparables the appraiser said there was no value, then nothing was done and prestatrios did not have to throw your money away. But now they have to pay $ 650 dollars or more anyway, because you can not ask for an estimate.
We know that when house prices rise, the assessments are almost never an obstacle for refinancing, but these days the thing is very different.
Owners are receiving home assessments with very low prices, and increasingly gets worse. Worst of all, do not even get the real value of their property, but that assessors are giving them prices that have nothing to do with reality. It is really impressive. Sometimes it is because prices have actually fallen and they will drop even more when comparing properties in good condition with pens that are falling, but most often it is by changes in the evaluation process to ensure "fairness ". Evaluators working in areas with which they are familiar and this means that they underestimate the real value of the properties.
Truth is no solution to the problem, while this current assessment the new law, no claims are worth, because although an appraiser do a bad job, lenders will take the floor. Even if you take comparable property, whatever you do, but your house is well kept and you have held up well, when compared with three destroyed property without taking into account that theirs is in top condition, they would be other claims . This is the sad reality of home refinancing at this time.
Although local real estate agent give you an idea of \u200b\u200bcomparable price and give you the recent sales prices of properties similar to yours, would not serve nothing. When it comes to refinancing a mortgage, the owner is not you nor real buttons and the wreck either.
If necessary, homeowners should be prepared to challenge an appraiser who has ignored key facts, but I only say this to try if they are lucky. In my experience, there is another word that's worth, the lender will only be guided by the assessment made by the appraiser. I personally had the case of a property (a customer) that cost about $ 300,000.00 and $ 210,000.00 assessed. Although claims were made and that was not the real value of the property, the lender will only be guided by the waste assessment was done. Then my client could not make refinance home, lost $ 650 dollars, could not get the 4.5% fixed interest for 30 years and was lost to save $ 200 a month. All this unfairly because that property did not cost $ 210,000.00. Someone can tell me if today you can find a home for $ 210,00.00 in Sun Valley Ca 2.000 square feet and a lot of 9.000? in addition to guest house in the back? Well kept and well maintained? Never! there is none! or an auction house.
Now if you have a condo instead of a house, skip there if it is almost impossible to refinance the condo guidelines are too strict, not only for the evaluation of home but in everything sense.
This problem is giving rise to the foreclosure but because people can not put your fixed payments, or simply can not lower your payment. We're not talking about doing a home refinance to get cash from the property if not, just to save money on paying the monthly mortgage on his house. Now that the interests are so low many owners can take advantage of this by using currently available for refinancing a mortgage.
The next problem for refinancing a home is that there is no standard interest as he had before. Now the interest which the borrower get depends on your credit score and the value of the house. The more value is the lower house can get the interest, equally true of the score, the higher, the lower you can get the interest when it comes to mortgage or refinance a mortgage.
PURPOSE For a home refinance for example a score of 680 is considered super low. Good score of 720 is considered up, so imagine the possibilities of refinancing. DJing is like glass.
Well then in the end no equity or no value and a low credit score, the only recourse for a borrower may be the modification of your mortgage.
Now the owners are found here with more problems, will have to make thousands of phone calls and if you are lucky enough to find someone in customer service or customer service that is friendly and wants to help, is like winning the lottery. It is so difficult to get help with your lender and I'm not exaggerating. But this of the amendments is the subject of another article.
Then in my next post I will talk about what they can expect from their lenders when they want to do a loan modification and what you must do to get good results.
But by now should be clear that home refinancing is almost impossible to carry out these times. It is much easier compared the home buying process, although it is not easy in itself, but comparing it with a refinance home if it is a thousand times easier.
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