If you’ve been unable to take advantage of the lowest refinance mortgage rates from today’s best mortgage lenders because of a low appraisal, you’re in good company. Millions of homeowners in the United States can’t qualify for mortgage refinancing because of an unfavorable loan-to-value ratio. Did you know you can challenge that low appraisal and get your mortgage refinancing approved? Here’s an article on HSH.com with several tips to help you qualify for low refinance rates from lenders like Amerisave and Quicken Mortgage:
Appraisal complaints have risen in recent years, particularly since home values began plummeting in 2007 and the Home Valuation Code of Conduct (HVCC) went into effect in May 2009. But the experts say this isn’t the first real estate cycle in which contract prices don’t often match an appraised value.
Challenging a low appraisal can be a great way to get yourself a favorable loan-to-value ratio if you’re unable to take advantage of programs like HARP 2.0. The President has promised to deliver legislation to Congress in his State of the Union Address to remove many of the roadblocks to refinancing homeowners face; however, it still has to get past Congress during an election year.
Also, keep in mind once your mortgage refinancing application is approved there’s still a slew of junk fees and lender markup you’ll want to avoid. The more you pay closing on your new home loan the less benefit you’ll get from a lower mortgage rate. If you sell or refinance again before breaking even on those closing costs you’re going to be losing money no matter how good your new rate.
You can learn more about qualifying for today’s best refinance rates without paying lender junk fees by checking out my free Underground Mortgage Videos.