Hi – I’d like to refi my mortgage but I’m not confident enough of my home’s value to risk losing the full appraisal fee. I understand they cost about $500 once you start an official refinance and you obviously pay for it even if the value doesn’t come in high enough to close the refi. I’d be willing to pay a little for a quick estimate though if anyone is or knows of an appraiser who would take a quick look?
Hi Gooseface. We’ve had similar concerns in the past, but we’ve always gone the route of finding a mortgage broker that will absorb that cost if our house value isn’t high enough. I can’t say for sure he can do it, but we’ve worked with Rob Berg with Cascase Mortgage on one loan and four refinances now, and he is great (all have been free refinances). Can hurt to reach out to him and see what he can do… http://www.cascademc.com/
We just refinanced through Umpqua with a HARP loan. We weren’t required to have an appraisal. You might talk with the bank/broker you’re going through and get their opinion. Rhonda Porter is a broker in WS and has gotten rave reviews on the blog. It didn’t work for us to refi with her b/c of something with HARP, but she was very pleasant and patient with us in trying to figure out if we could. If you can get someone local who will take time with you, I’d start there before shelling out any money b/c you might not even need one. Good luck!