Sentences with phrase «original appraised value of the home»

Not exact matches

You can do a cash - out refinance if you've occupied your home for less than that, but you will be limited to the lesser of the original purchase price or current appraised value.

Original value is defined as the sales price or the appraised value of the home when the loan was made — whichever is less.

Under the Homeowner's Protection Act (HPA) of 1998, you can request PMI be removed from your mortgage when the balance on your loan reaches 80 % or less of the home's original purchase price or appraised value at the time of purchase (whichever is less).

If you receive an appraised value that you do not believe is accurate, you have the right to rebut the appraiser's estimate of value but the only way you have any chance of obtaining a favorable outcome is to find meaningful errors in the original report or sales of more recent, more similar homes which if considered would have supported a higher value.

If a subordinate lien (home equity loan or line of credit) will remain in place, the CLTV can not exceed 125 % based on the original home value if there's no new appraisal, and 125 % of the home's current appraised value for loans with a current appraisal.

You can do a cash - out refinance if you've occupied your home for less than that, but you will be limited to the lesser of the original purchase price or current appraised value.

The borrower may ask the lender to cancer PMI when the mortgage balance has been paid down to 80 % of the home's original appraised value.

For an IRRRL, the main goal is to get a lower interest rate, so the appraised value of your home at the time of the original loan is sufficient for underwriting purposes.

Financial institutions will generally let you borrow up to 80 % of the appraised value of your home, minus the balance of your original mortgage.