Asked by James  |  Submitted November 28, 2016

I want to refinance my house to avoid a balloon payment that is coming due but the bank is moving slowly. What are my options?

They want to get it appraised and that will cost more money. They already know how much the house is worth and how much I owe on the house which is about $18,000.00. Why do I need an appraisal?

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  Answers  |  2

November 28, 2016

I am assuming you are working with the same place that has your loan. A lot of places will want an updated value, depending on how long since the last one was done. I would ask them what the need it for and what is causing the delay. They should be able to answer that for you. Thanks Matt

$commenter.renderDisplayableName() | 09.24.19 @ 09:06

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November 28, 2016

Most lenders and loan programs will require an appraisal report for any new loan these days. The delay might be caused by the fact that appraisers are very backlogged in most parts of the country right now,ask the lender that you are working with when the appraisal report was ordered and when it is expected to be completed. Also make sure your rate lock is valid for past this appraisal completion date.

$commenter.renderDisplayableName() | 09.24.19 @ 09:06

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