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Keep Refinancing Going

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Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Was watching the morning news today. Financial guru gets on and says "go out and refi, even if you've recently refi'd, if you can save as much as 2% on rates." These people who refi'd a year ago who hear this are going to go do it again.

At least it's job security.

Roger
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I'm still in my first year as a trainee, and I've appraised one house 3 times already!!! Guess those people believe in refinancing. :lol:
 

Dick Hemry GAA

Sophomore Member
Joined
Jan 18, 2002
:ph34r: And just how many are upside down with their mortgages? I see properties on the refi that don't appear to be worth their current mortgage balance so how do they expect to get more? Damn, there certainly are some magicians, appraisers, out there that keep the prices going up, up and away. Now the Fed is lowering some interest rates and more will want to refi again and again. It's ridiculous what is happening to so many homeowners. Lenders stick it to them and some appraisers continue to provide prostitute services. The poor homeowner gets screwed once again. :beer: to all !!
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
I have been reading various posts and news articles about "poor homeowners" who are upsidedown on their mortgages. However, I can't help but wonder if they also share some of the blame? Especially when I so often hear homeowners complaining that they can't get their loan unless their appraisal comes in at $zzz. I have a hard time believing that most of these people are victims. Maybe a very small percentage, but get real - where does personal responsibility come in? If they were only refinancing their mortgage balance for a lower interest rate, there wouldn't be a problem. But when they're using the equity in their homes for their own consumer gluttony, I don't feel sorry for them if they end up owing more than their home is worth. :eyecrazy:

Just my venting 2 cents.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Mary,

I agree with you completely on the personal responsibility part. My thoughts are that we have become way to much of a blameless society. Everyone wants to blame someone else for their problems.

Ryan
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I agree with you Mary and Ryan, but of late I'm seeing more and more of what I consider TRUE victims.

These are not people who refi or take cash out on a regular basis, but who bought their homes in my market area right after the boom was at it's peak. Some are now having difficulty getting a refi for a lower interest rate with no cash out because their purchase prices were overinflated when they bought, and current market data easily shows that they are worth less than what they paid.

I blame much of this problem on appraisers who stuck like glue to the mantra that they could choose comps that were 'up to one year old' to justify the higher sales price, rather than using comps that were more recent and reflective of the changing market. I doubt they even bothered looking at the active listings. <_<
 
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