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Old 04-23-09, 10:04 AM
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Default refi question.....

I have been contemplating a cash-out refinancing for sometime so we can fix/repair/renovate some stuff on & around the house. We refinanced once about maybe 3 years ago, might have been 4, can't remember. When the economy was good, I think the equity we had in our home would have been worth it. But now with the economy not doing so hot, I'm sure our property value has gone down, so I am wondering if it will turn out that we owe more than the house is worth now. I guess I won't know unless we get an appraisal & then actually look into a loan amount that we could handle the payments on. Ugh, I just hate going through all that trouble just in the end to find out it won't be to our advantage & then having dings on my credit report. What do ya'll think?
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Old 04-23-09, 10:15 AM
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I wouldn't pay for an appraisal just to see. We are refinancing right now and the standard why they have changed to do these is you pay UPFRONT the full cost of the appraisal and that was $350 a 3 years ago and now it was $500. We had to pay by credit card just to get it started.

I'd look up the value of what some homes similar to yours in your area have sold for recently. This will be a good indication of what the market is like and those prices will directly affect how your house appraises anyway.
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Old 04-23-09, 12:27 PM
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check it out on zillow.
you'll get an idea on how the prices are faring in your area from zillow. (though some places are more accurate than others across the nation, you'll at least get a clue as to how things are going)


 
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Old 04-23-09, 04:44 PM
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I agree with Susan--it isn't cost-effective to pay for an appraisal right now. It's probably best to investigate on your own first to see if it would be worth it.
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Old 04-24-09, 12:27 PM
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I had forgotten about zillow! A broker once gave me that site. I looked up my neighborhood last night. A lot of homes seem to be for sale for less than what the value...can we say foreclosure/short sales anyone?
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