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Interesting refi development

January 26th, 2017 at 06:41 pm

So one of the two guys I'd been working with for estimates got back to me saying he'd cover half the appraisal cost if the home didn't appraise at least 80% LTV.

Talking it over with my partners and neighbors, I realized there was a psychological hurdle about the prospect of blowing $475 on a step that might go nowhere. Bringing it down to $235 suddenly made it seem less foolish.

So I wrote back to him accepting the offer. Now we get to see what our home will actually appraise at! If it's worse than 80% LTV, we're out $235 but at least we didn't regret not finding out. If it's at 80 or better, then we might have to scrape up some funds to cover closing costs, which will be painful in the short term (especially since we have a number of renovations we're saving up for and fun things we want to spend money on) but will be worth it in the long term.

1 Responses to “Interesting refi development”

  1. Kiki Says:

    Fingers crossed! (I think I've said that on three blogs today-I need a new phrase!) Good Luck!

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