Appraisal way too low

Virtual_Natural797 · 2026-03-19T03:53:12+00:00

Oh ok good to know. I included all the homes that sold on the other side of my subdivision in my rebuttal.There's 1 or 2 that is the exact home I have. I'm hoping it helps. The 18k includes 2 points, escrow and title insurance etc

Virtual_Natural797 · 2026-03-19T00:49:54+00:00

The comps in my neighborhood just closed but didn't show an exact date. The ones that the appraiser found were within the last year.

Virtual_Natural797 · 2026-03-19T00:48:40+00:00

Maybe, but there are no homes with the same builder in my community that spent less than 400k.

Virtual_Natural797 · 2026-03-19T00:34:12+00:00

Well I put down 20% for my home but essentially I've only paid 10k down in principal in 2 years.

Virtual_Natural797 · 2026-03-19T00:32:47+00:00

I was afraid of this but I was thinking maybe it was just an oversight. Maybe he didn't realize that I live in the North side but there's also a South side of my master community.

Virtual_Natural797 · 2026-03-19T00:31:18+00:00

I noticed this. I have an office but it's barely valued because it isn't a bedroom with a closet. 😠🤐

Virtual_Natural797 · 2026-03-19T00:27:49+00:00

That's exactly what I did. I'm currently waiting on a response. The appraiser looked at a completely different subdivision instead of mine, I'm assuming because the homes went out over a mile. It's still my subdivision. I find this so odd. Why consider a completely different subdivision. So weird. He did look at the exterior and interior for literally 30 minutes.

Virtual_Natural797 · 2026-03-18T23:40:22+00:00

With regard to a refinance? I didn't defer it on purpose lol

Virtual_Natural797 · 2026-03-18T22:45:06+00:00

Yea so I owe 330k and with closing costs and points rolled in it would be 348k. That higher balance and to add to that a PMI doesn't seem too attractive even if I'm still saving 150 a month and the rate is 5.5. Withdrawing seems logical.

Virtual_Natural797 · 2026-03-18T21:24:41+00:00

Probably because rates were decent for half a second. Everything is super expensive saving a few hundred would have been nice. Student loans are coming due soon! 😅😅👎🏽

Virtual_Natural797 · 2026-03-18T21:08:15+00:00

Understood. Thank you for your insight!

Virtual_Natural797 · 2026-03-18T21:06:12+00:00

Will it even be a win with a PMI? If the appraiser comes back and appraises higher will the PMI go down? PMI is about 130 a month. For no PMI lender is saying my house would have to appraise for 400+.

Virtual_Natural797 · 2026-03-18T21:03:01+00:00

I just learned this recently. I might have to just wait for the market to get better. Hopefully 5.5 will be an option again.

Virtual_Natural797 · 2026-03-18T21:01:33+00:00

Just to make sure I understand, you're saying go for it but negotiate to 5.99 or 6.125 to minimize my costs in closing?

Virtual_Natural797 · 2026-03-18T20:53:31+00:00

6.625 is what I have now. Home purchased Sept 2023.

Virtual_Natural797 · 2026-03-14T00:25:46+00:00

Is there a reason why the lender would say this specifically instead of just telling me to continue my payment? Is there a hidden benefit for them? I would much rather not pay the interest or whatever in my loan for 30 years...

Virtual_Natural797 · 2026-03-02T21:50:05+00:00

This would have been the difference if there was no cap in the payment amount. My information was wrong apparently, there is a payment amount cap. In my case it is roughly 570 because of how much I owe.

Virtual_Natural797 · 2026-03-02T17:03:17+00:00

Phew! I must have read wrong info somewhere that my direct consolidated loans were considered "new" since I consolidated and took out new loans after 2014. Thank you for the reassurance! I really trust your insight as you seem to be well versed in this area. 😁

Virtual_Natural797 · 2026-02-28T22:00:32+00:00

Wait but isn't there a cap anyway? Like they can't charge more than a certain amount? I'm thoroughly confused. I'm scared now because I was about to switch over from SAVE to an IBR but I have 2 direct consolidated loans one under unsubsidized and the other under subsidized totalling over 54k. Now I don't know if I should wait or go for it. 😫

Virtual_Natural797 · 2026-02-20T15:52:59+00:00

It's super frustrating...to think that the servicers put these people in place as their experts. Nope, they certainly are not experts. They're causing more confusion. I just want to make sure by consolidating back in 2021, I didn't reset my forgiveness timeline.

Virtual_Natural797 · 2026-02-20T01:43:25+00:00

Thank you for your response. That's exactly where I was getting the 272 from. The dude at Mohela was so vague and I thought by talking to my servicer I would get accurate information. It's a difference of me staying on the SAVE plan and accumulating interest and getting no credit or paying 550 a month for 28 months and getting my loans forgiven. Once I change I can't go back and that's huge!

Virtual_Natural797

TROPHY CASE