Home Mortgage Refinancing

[whtsnake]

don't ever pay an origination fee. In eastern Iowa, Hills Bank and U of Iowa credit union do not charge origination fees.

regarding putting a lot of money into your home and expect it all back with a higher value on a new appraisal--think again.

The one thing that raises the 'prospect' of your home value going up is increasing square footage space-like your 1/2 finished basement project.

You can stick 30K into your home in one yr, andit might not increase in value.

80% of the criteria is how much other similiar homes have sold for in the last 6-12 months in your neighborhood.

If you have a ranch style home, and a few identical ranches in the 'hood have gone to short sales--or the owner simply dumped them for a low selling price---will greatly affect the appraisal of your home.

that's why the $ number on your appraisal is called the 'market value'

Paint where it needs to be painted inside and out. Number 1 rule.

 

[Naughtius]

I'd call your current lender first about possibly getting out of your MI. Years ago I did some improvements, then asked for a new appraisal. Value went up, CLTV went down. PMI gone. Cost me like $300 for the appraisal, but I broke even in about 4 months.
Depending on your PMI premiums, then it might make sense to get a 2nd mortgage.

 

[GoCubsGo]

don't ever pay an origination fee. In eastern Iowa, Hills Bank and U of Iowa credit union do not charge origination fees.

Amen to this. I don't understand people that pay these fees - there are lots of banks out there that do not charge origination fees. This is a particularly sore subject for me because I'm in the process of selling a house, and due to the state of the market I am paying a portion of the buyer's closing costs. The largest of those items, as you might imagine, is the buyer's origination fee. Seems like highway robbery that the "value" of this "service" is 1% or more of the total purchase price.