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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
The real estate market in the United States is undeniably hot,
hot, hot. This toward pace has resulted in an odd mortgage
qualification problem – low appraisals. Here are your options if
you get a low appraisal amount.
Appraisals
An appraisal is simply an effort by a qualified person to put a
value on a property. The process involves a review of the
property, other properties in the area and so on. Mortgage
lenders always require appraisals, so you have to deal with
appraisal problems if you are going to get the home.
Let’s assume you have perfect credit, make a ton of money and
ready to put down a solid down payment. You are happy, the
lender is happy and the only thing left to do is get the
appraisal. Unfortunately, the appraisal comes in well below the
price you have agreed to pay for the home. Now what?
First, you need to take a deep breath. Buying a home is an
emotional process. Try to step back from the process and
objectively analyze whether you are paying too much for the
property. If you still want to proceed, take the appraisal to
the seller and see if you can get the price lowered. A solution
should be possible, but be prepared to walk away if it isn’t.
Second, perhaps the fair market values of properties in the
neighborhood are dropping. We are beginning to see the market
cool off, perhaps more so in your particular neighborhood. If
this is the case, kiss the appraiser in thanks for keeping you
out of a bad deal.
Finally, the appraiser may simply be wrong. Appraisers are human
and make mistakes. They may not know the neighborhood well.
There are a variety of reasons you can get an appraisal that is
“off.” If you suspect this is the case, check to make sure the
appraiser is comparing the property to comparable homes in the
neighborhood. If all else fails, have your own appraisal done
for comparison purposes.
Ultimately, a low appraisal should be viewed as a potential red
flag. If nothing else, you should take a closer look to make
sure you aren’t getting a bad deal.
About the author:
Dan Lewis is a mortgage broker with http://www.gwhomeloans.com -
San Diego mortgage brokers providing home loans and refinances.