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Real Estate
Reply to "Question about PMI and refinancing"
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[quote=Anonymous][quote=Anonymous]The new mortgage loan laws have created a new appraisal process where the bank and appraiser don't interact or know the other. We closed our refi last week and ran in to lots of new laws we didn't when we refinanced 3 years ago. In our case the appraiser came out for a formal assessment but ultimately looked at comps to make the decision and chose to ignore the 3 higher comps in our neighborhood to go with a low comp in a completely different area (not walking distance to the metro, a HUGE factor) because it was the most recent sale and we got a low ball appraisal at $30k less than our appraisal 3 years ago when the market was worse.[/quote] What happens in this situation? My husband and I are planning to put additional money down in order to get out of paying PMI, but I really don't want to cut into our savings more than needed. We've been using the Zillow estimate for approximating the value; would an appraisal come in much below this? [/quote]
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