Home Mortgage Refinance Gets Appraisal Shock
by Marie from Georgia, USA
Ask Kate: Home Mortgage Refinance Gets Appraisal Shock Dear Kate, We recently refinanced our home that we have lived in for 2.5 years now. There were really no surprise with the process itself. We were able to obtain a fixed rate mortgage at a much lower rate than what we obtained two years ago.
In fact our mortgage interest rate went down over a percentage point.
The refinance was seamless and without any problems. We were only shocked when we were told the new value of our home. We did expect the appraised value to go up, however not by as much as it did with the given market.
Our home's value went up over $100,000
in 2.5 years!
Granted we have done some things to it, added a new deck and finished the basement. Square footage was added with the basement and value was added in the deck, with a total cost to us of about $30,000.
But still, that is an increased value to us of $70,000. We are excited to know that our house had gained so much value in this market. Marie
Kate Answers: Home Mortgage Refinance Gets Appraisal Shock
Hi Marie, Wow! Mortgage rate down and real estate value up! This calls for confetti!
Congratulations on your seamless home mortgage refinance process. I too am shocked (the good kind of shock) over your appraised value increasing by $100,000.
I hope you'll come back to my website Get Your Best Mortgage Rate again in the future. So remember to bookmark Get Your Best Mortgage Rate
to your favorites and visit often for up to date tips for buying a house, mortgage news and refinancing advice.
You can also invite friends to comment on this page or create a page of their own like you did.
P.S. Go to my Best Mortgage Rate Blog
, an entertaining source of mortgage information. Subscribe now to the RSS feed.
Finding Help You Need for Refinancing
Refinancing Advice - Your opportunity to get down to earth refinance nuts and bolts from a mortgage insider.
Having trouble refinancing your mortgage due to fallen property values? Go to Special Edition Making Home Affordable Options.
USDA Rural Home Loan Refinance with no appraisal, no credit report, and no debt-to-income calculations.
Announcing Kate's Mortgage Information Planner - To save money, get your ducks in a row first.
Are you a homeowner trying to decide if Mortgage Refi is worth the cost?
How To Compare Mortgages - Yes it is enough to make anyone want to toss up their hands.
New! Ask Kate's secret to reducing mortgage refinancing costs. Home buyers should read this too!
Real Estate Investor Loans - Three options for investors.
Surprise, it's a barn! Is a Certificate Of Occupancy necessary for your home mortgage refinance?
Refinance With Cash Out - Where is my loan approval?
Save money using My Special Refinance Formula.
Fresh Refinance Ideas - Reasons why and why not to refinance.
Discover my Secrets To Refinancing based on Robin's story
Low Mortgage Payments For Home Owners - Learn how to ask questions and qualify your lender.
Don't be distracted by refinancing lingo. 10 best kept secrets to Low Mortgage Payments.
A collection of Ask Kate Refinancing Questions and Answers II.
A collection of Ask Kate Refinancing Questions and Answers I.
Return from Home Mortgage Refinance Gets Appraisal Shock to Get-Your-Best-Mortgage-Rate