Refinancing my home, but it's appraised too low.
June 27, 2007 6:19 AM Subscribe
Trying to Refinance my home (& consolidate some bills). 1 year ago it was appraised at $410k. In the middle of this process, my lender indicated that 2 different appraisers indicated that it's only worth $350k compare to other similar homes in my area... although they haven't come out to do the appraisal yet. I'm concerned that because this is what they believe the value to be, it will be that or close to it. In order for me to do what I need to do (with my bills), I need the value of my home to be at $410. What can/should I do?
posted by foodybat to Work & Money (11 answers total) 2 users marked this as a favorite
I have a $325k balance on my home, i need about $30k ... so at 90% (yes, not 80, but I had to go to 90 ... and that was using $410k) Loan to Value, I can accomplish what I need to.
If the appraisers are correct (which they probably are)...is there anything I can do to increase the value of my home in their eyes, or is there anyway the lender can use the appraisal from a year ago or something?
What can I do, if anything?