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I currently have a 20 year home equity loan....i'm looking…

I currently have a 20...
I currently have a 20 year home equity loan....i'm looking to lower the monthy payments doing a refi HARP loan in Pennsylvania...is that possible with no appraisal?
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Answered in 7 minutes by:
11/14/2017
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,609
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello my name is ***** ***** I will be able to assist you today.

Generally, the bank who will be lending you money based on the value of a home and secured by the property will want an independent third party to appraise the home before they disburse funds to the loan applicant.

Without an appraisal the bank wouldn't have a specific value of the home to base a lending decision on.

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Not all appraisals require an appraiser to do a walk through of your home, but an appraisal is standard procedure especially if the bank is regulated by government agency or if the bank wants to sell the mortgage.

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To be eligible for a harp loan you will need an appraisal and also to fit the guidelines which can be found at

https://www.harp.gov/eligibility

  • You are current on your mortgage, with no 30-day+ late payments in the last six months and no more than one in the past 12 months
  • Your home is your primary residence, a 1-unit second home or a 1- to 4-unit investment property.
  • Your loan is owned by Freddie Mac or Fannie Mae. You can use the Loan Look-up Tools below if you are unsure.
  • Your loan was originated on or before May 31, 2009. By using the loan look-up tools below, this date will be made available to you.
  • Your current loan-to-value (LTV) ratio must be greater than 80%. Calculate your LTV ratio with this tool.
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The lending intuition can't calculate a loan to value with out an independent third party appraisal.

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I would be happy to answer any follow up questions you may have.

At the conclusion of our conversation please take a moment to accept the answer by rating the answer with three stars or more.

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Hello.

Do you have any further questions regarding refinancing a property?

If not, please take a moment to accept the answer.

Thank you!

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,609
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
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