Sentences with phrase «than the appraised value because»

Keep in mind, however, that the tax assessment likely will be lower than appraised value because it isn't the market value or possible selling price for your home.

This estimate may be much higher than the appraised value because it represents replacement for property loss rather than market value.

Not exact matches

Here's the formula: Loan amount ÷ appraisal value or purchase price (whichever is less) For example: The home you want to buy has an appraised value of $ 205,000, but $ 200,000 is the purchase price The bank will base the loan amount on the $ 200,000 figure, because it's the lower of the 2 You have $ 40,000 for a down payment, so you need a $ 160,000 loan to meet the $ 200,000 purchase price Your loan - to - value equation would look like this: $ 160,000 ÷ $ 200,000 =.80 You multiply.80 by 100 % and that gives you an LTV of 80 % Private mortgage insurance (PMI) If your down payment is lower than 20 %, your loan - to - value ratio for conventional financing will be higher than 80 %.

This is riskier however because it assumes they can get the foreclosure for cheap, fix it up inexpensively, result in appraised value of more than their total investment thus far and finally be able to find renters willing to pay the monthly mortgage.

VA home loans are especially fitting for eligible veterans and their families who need to a mortgage for more than 80 percent of a home's appraised value or purchase price, because mortgage insurance is not required.

Because of this, private mortgage insurance is usually required when the borrower is putting up less than 20 % of the purchase price or appraised value of the home.

You can request removal of the PMI if your LTV ratio reaches 80 % earlier than the scheduled date because you have made extra payments etc. but the lender is not required to grant this request without further ado; the lender is allowed to ask you to pay for an appraisal to make sure that the house has not declined in value in the mean time and so you actually are at 80 % LTV, and can decline the request if you refuse to pay for the appraisal or if the appraisal shows that the value of the has decreased and so you are not actually at 80 % LTV as per the new appraised value.

These were considered 125 % loans because they enabled this pool of borrowers to refinance up to twenty - five percent greater than their home's appraised value.

If a consumer does not know a GREAT Buyers agent saves their clients $ 10,000's of dollars because the agent could advertise such with full backup or a GREAT Sellers Agent sells their homes $ 10,000 higher than a similar $ 199 listing based on APPRAISED VALUE AT THE TIME OF LISTING, then comments like yours will remain in effect.

In one case, my buyers had offered the private seller Thirty Five Thousand Dollars more than the appraised value of the place just because they wanted it so badly.

Because market conditions change rapidly and property values in your neighborhood might be much higher (or lower) than when you bought your home, you need to have your property's value appraised when refinancing.

It needs to appraise because not every buyer is willing to bridge a deficient gap in an appraisal and pay a lot more than market value.