Did the Appraiser Goof? A client trying to refinance his mortgage recently ran into an infrequent but not unheard of problem: a low appraisal. My client was convinced that the appraiser goofed because ” amongst other things ” the appraiser listed the home as only having one Bathroom, not two. Unfortunately, the second Bathroom is...Read More
WSJ: “Average Rate on a 30-year, Fixed-Rate Mortgage was 3.75% Last Week, Down from 4.94% in November” Sooner or later, industry mavens predicting higher mortgage rates will be right. But not this year. From a peak of almost 5% late last Fall, rates fell to 3.75% last week. Count that the 4th (7th? 9th?) year...Read More
“What Will Buyers Pay?” vs. “What Value Does a Bank Need to Refinance the Current Mortgage?” [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.] If you’re an appraiser or mortgage lender, stop reading now. No? Good. One of...Read More
Did the Appraiser Goof? A client trying to refinance his mortgage recently ran into a not-uncommon problem: a low appraisal. My client was convinced that the appraiser goofed because — amongst other things — the appraiser listed the home as only having one Bathroom, not two. Unfortunately, the second Bathroom is in the basement. Because...Read More
Refinance Redux Scarcely six weeks ago, I noted that stock market turmoil was prompting a flight to safety, which in turn was driving down interest rates and serving up a golden refinancing opportunity. Guess what? After a year-end rally, global stocks are once again swooning — along with interest rates. Bottom line: if you’re sitting...Read More
“A [Financial] Crisis is a Terrible Thing to Waste” Thanks(?) to global financial turmoil in the wake of diving energy prices (how’s that for a “pinch me” moment??), investors are running to the perceived safety of bonds. Result: mortgage interest rates are plummeting as well. The ten-year U.S. bond is now just above 2%. Meanwhile,...Read More
