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That's the appraiser's job. The appraiser comes out, looks at the house to see if there are any obvious problems (like, "missing roof" really lowers the value), then gets recent sale prices for "comparable" homes, and uses all that to come up with an estimate of what the current market value is.
If they foreclose, then they don't really care what the value is. They know what the loan was, and they put it up at auction. As long as they get at least that, they're happy. If they get less, then it's still a debt the former homeowner owes them. If they get more, they're supposed to give the surplus to the former homeowner, but in practice, there won't be a surplus.
What else can I help you with?
How can I get my home appraised to remove PMI?
To remove PMI, you can get your home appraised to show that its value has increased enough to meet the lender's requirements. This can be done by contacting a licensed appraiser who will assess your home's current market value. If the appraisal shows that your home's value has increased sufficiently, you can then provide this information to your lender to request the removal of PMI.
How can I eliminate PMI on my USDA loan?
To eliminate PMI on your USDA loan, you can request a reappraisal of your home to show that its value has increased enough to meet the loan-to-value ratio requirements set by the lender. Once the new appraisal demonstrates sufficient equity in your home, you can ask the lender to remove the PMI requirement.
How can I reappraise my house to remove PMI?
To remove PMI on your house, you can reappraise it to show that its value has increased enough to meet the lender's requirements for PMI removal. This may involve hiring a professional appraiser to assess the current market value of your home. If the new appraisal shows that your home's value has increased sufficiently, you can then contact your lender to request the removal of PMI.
How does zero down home loan work?
There are basically two different types of zero-down home loans. The first is a 100% or more home equity loan, where the lender advances up to the full value of the home. The other is an 80/20, where the lender offers a primary mortgage for up to 80% of the home's value and a second mortgage against the same property for the balance as the "down payment".
Is mortgage insurance optional?
no. If you have a loan greater than 80% of the value of the home and the lender requires mortgage insurance, then it is not optional.
How long does the purchase price of the home continue to be the value versus appraised value?
The purchase price of the home is not the value of the home. It is what you paid for the home. The value of the home is the appraised value. A lender would look only at the appraised value of a home for lending purposes. If you paid more or less for the home, that is on you.
How can I get my home appraised to remove PMI?
To remove PMI, you can get your home appraised to show that its value has increased enough to meet the lender's requirements. This can be done by contacting a licensed appraiser who will assess your home's current market value. If the appraisal shows that your home's value has increased sufficiently, you can then provide this information to your lender to request the removal of PMI.
Can you suggest a website that informs you about home value calculator?
It depends on who you have a mortgage with. The value of the home is in some ways determined by how much you still owe, so you should contact your mortgage lender.
How can I eliminate PMI on my USDA loan?
To eliminate PMI on your USDA loan, you can request a reappraisal of your home to show that its value has increased enough to meet the loan-to-value ratio requirements set by the lender. Once the new appraisal demonstrates sufficient equity in your home, you can ask the lender to remove the PMI requirement.
How can I reappraise my house to remove PMI?
To remove PMI on your house, you can reappraise it to show that its value has increased enough to meet the lender's requirements for PMI removal. This may involve hiring a professional appraiser to assess the current market value of your home. If the new appraisal shows that your home's value has increased sufficiently, you can then contact your lender to request the removal of PMI.
Do you know a fha lender that will allow you to lend money for various home improvement projects?
Yes, there is a fha lender that will allow you to lend money for various home improvement projects. You can visit them and find more information at www.fha-home-loans.com.
How does zero down home loan work?
There are basically two different types of zero-down home loans. The first is a 100% or more home equity loan, where the lender advances up to the full value of the home. The other is an 80/20, where the lender offers a primary mortgage for up to 80% of the home's value and a second mortgage against the same property for the balance as the "down payment".
Is mortgage insurance optional?
no. If you have a loan greater than 80% of the value of the home and the lender requires mortgage insurance, then it is not optional.
What title policy insures title to the lender?
Lender Policy When taking out title insurance, usually for a minimal fee you would obtain a simultaneous policy...So that you and your lender would be covered. It is important to have an owners policy covering the value in the home above the lender so that your interests are covered as well.
Can land be used as a down payment when purchasing a home?
Yes, land can be used as a down payment when purchasing a home, but it depends on the lender's policies and the value of the land.
Can lender foreclose if home value decreases and you re making your payments?
No. A lender can foreclose only if you default on your mortgage payments. There are probably tens of thousands of homeowners who are making their mortgage payments on time even though their property has decreased in value. If there is no default there can be no foreclosure. I respectfully disagree. Okay it must be noted that we do not know the details in the lender's agreement with the signatory. Therefore it is possible for a lender to initiate foreclose based on something within the agreement something in the contract that has been violated. A foreclosure can in theory occur if you are making your payments because often times that is not the sole condition in the lender's agreement.
How soon can you get a home loan after you have had a foreclosure?
Each lender is different. Contact the lender of your choice for that lender's policy.
