On June 4th I signed the paperwork for my home refinancing for the amount of $415000 at 6% fixed interest rate for 15 years.My credit rating is excellent, home appraisal and my income are excellent.I paid $2000 (title,appraisal,doc.fee..)for closing costs with 0% points..Is my rate deal good? IAre the closing costs reasonable? Is there any database on mortgage loan transactions to analyze and compare?

There is no database on closing costs I know of, best thing is to call other mortgage companies and ask how much theirs would be. For PA it looks like you got a good deal, depending on the title insurance and riders.

I am looking into getting an appraisal and would like to what what to consentrate on before the apprasier gets to my house.

There are many types of appraisals. A "full" appraisal, and "Drive By" or exterior-only appraisal, a "Desktop" appraisal and now there are even computer appraisals, or AVM’s. It sounds like you are getting a full appraisal so that’s what I’ll go with. That’s the most complete level of analysis and will yield the most accurate esimate of value.

An appraisal is a delicate process by which an individual estimates the value of a property. In doing so, the first step is to evaluate the property. This means an inspection by the appraiser, inside and outside for the most accurate appraisal. An appraisal inspection is different than a property inspection; the level of detail will depend on the individual appraiser. They know what to look for to complete their analysis. A measurement of the house will be done to verify the square footage. The appraiser will note the floorplan, benefits, amenities, deficiencies, quality and recent updates and improvements to the house and property. The appraiser will also be taking many photos.

The next step in most appraisals is to compare you house to other houses in the market area that have sold recently and are most similar to yours and adjust the sale prices for the various differences. These are usually called "comps". The selection of the comps and adjustments to the sale prices will yield a value estimate of your property.

Keep in mind that an appraisal is just one opinion. If you called 5 appraisers, you’d likely get 4 opinions. The good thing about opinions is that there is no right or wrong answer, only different. You may or may not agree with the appraiser, but that’s not their job to make you happy. Their job is to formulate an opinion of value based on facts, develop opinions with justifiable and reasonable logic, and be able to stand behind their value when the bank makes the loan.

In order to prepare, depending on your timeline, here’s what you should do:
Fix what’s broken
Remove trash and clutter from the house and yards
Clean up everything inside and out
Make the property look like somebody really cares about it
Make a list of what’s new, improved, replaced or special about your property for the appraiser

I’m a first time homebuyer who qualifies for a VA loan but the house I’m trying to buy is a foreclosure so it’s not VA approved so I’m going through the 203k option.

The problem is that I don’t want to finance any of the repairs into the loan since I have the cash to pay for the fixes. The appraiser came out and said the only required repairs were to carpet 2 rooms. The lender is telling me I’m legally obligated to finance that cost into the loan even though I have the cash to fix it immediately. Or can’t I put that cash into an escrow account instead of having the bank lend money to put into an escrow which would just be redundant and unnecessary? Is my lender not being completely honest with me?
I may not have been clear. I want to carpet the entire house but I want to pay with cash. It’s ridiculous to finance carpet into a 30 year loan. What I want to do is put all that money myself into the escrow account to satisfy the banks requirement before closing. What they’re saying is that my cash is no good I have to have them lend me the money for the escrow account. Why can’t I use my own money for the escrow

I am at a loss as to why the lender would refuse your request to place the funds in escrow with the stipulations that the carpet be repaired and signed off on by the appraiser that conducted the original appraiser.

Ask plenty of questions about this mortgage, after all you are the one that will eventually wind up paying for the mortgage you will accept.

I would closely inquire of my loan consultant as to what the difference might be as long as the work is completed and signed off on by a licensed appraiser that is approved by FHA

If they still insist on doing it the way they want you can always buy the loan down once is it closed by the amount of the repairs.

What was your reason for applying for a 203b FHA loan as oppose to a regular FHA mortgage loan?

Of course you might leave your funds in your bank account drawing interest as the mortgage interest you will be paying on the mortgage loan amount will be tax deductible.

I hope this has been of some benefit to you,good luck.

"FIGHT ON"

http://realestateappraisertips.info/ – Real Estate Appraiser Tips – IT’S PAST TIME TO RAISE YOUR FEES!

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Baton Rouge Housing Market Overview For Wedgewood Subdivision in Zip Code 70816

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www.AskLoriParrish.com
Lori Parrish graciously agreed to record a talk she gave at Joe Roberto and Associates. go to www.AskLoriParrish.com to get the audio recording and to receive further information about upcoming events.

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The Three Principles Of Real Estate Valuation And Appraisals

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This is a song about the rules that ALL licensed real estate appraisers MUST follow; they are the Uniform Standards of Professional Appraisal Practice (USPAP).
USPAP can be found at: www.appraisalfoundation.org
Appraisal SubCommittee: www.asc.gov
Association of Appraiser Regulatory Officials: www.aaro.net

Copyright 2009, Maureen Sweeney, All Rights Reserved.

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Subprime, Mortgage, Fraud, Money, Cash, Adjustable, Home, Real Estate, House, Home, Mold, denver

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Bob continues our guide to FHA visual appraisal inspections in the bathroom! A simple check of basic systems can help avoid delays when dealing with FHA.

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