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What's all the fuss about anyway? Where should we start? Let's start with the homeowner. As a homeowner, you don't like to waste money. When you have a plumbing problem, you call several plumbers, find out who is available, what their hourly rate is and what they think the cost will be to fix your problem. What if you couldn't pick the plumber? You couldn't get an estimate for the repairs. Someone else "randomly" picked the plumber for you and you had no idea what it would cost to make the repair until after the job was done? HVCC is a lot like this. You see when you want to refinance your home, you need to find out if you qualify for a loan but so does your home. Is there enough value and equity for you to borrow? For years, your mortgage professional could call an appraiser they worked with and obtain a free estimate of what your home was worth. Now, they can't speak or have any contact with the appraiser. They can't even pick the appraiser who will ultimately determine if your home has enough equity and you can obtain a loan. Your first line of defense, your mortgage professional who works with experienced, experts in your neighborhood, credible Appraisers can't help you determine if your home how is enough equity to obtain a mortgage. "Well my house is worth three times the amount of my mortgage, it doesn't matter what the appraiser says." Are you sure? What if the appraiser hired to appraise your home is from out of the area? Far out of the area. Will they understand the benefits associated with your neighborhood compared to recent sales 1-2 miles away from your home? What if the appraiser gets paid half of what they normally get paid and is in such a hurry they miss the kitchen remodel, the new roof, the sun room you added and the appraisal isn't high enough. Having the appraisal just "randomly" picked gives you a random chance of getting your loan. "It still doesn't matter, my home has so much equity, I'm sure I can get the best loan, I'm a good risk to any lender." Really? Loans are all priced based on the loan to value, what is the amount of the loan, compared to the value of your property. The lower the loan to value, the better the rate and fees associated with your loan. Appraised value is critical in obtaining the best loan. "Well, does it really matter who picks the appraiser, how far they come from or if they really know my area?" Is that a risk you really want to have? Do you also drive on bald tires? Take a look at some of the reports we've received from real estate professionals, appraisers, mortgage professionals and homeowners just like you. Now tell us what you think. Believe it or not, there is more fuss too. Look at why a Realtor, Mortgage Broker, Loan Officer and Appraiser thinks HVCC is a bad idea! |
