REFI.........conspiracy?

[RACER X]

so there are 2 workmates here trying to refi their house.

both put $ down, 10% and 20%

both w/ BofA

both had appraisers commisioned by BofA

both appraised at under what they even owed. know i now the markets down, but more then 20% in TX is not realistic (or is it)? they've both lived in their respective houses for ~3yrs.....

good area's........

and what happens is if, if they go w/ the "appraised" value , they have to pay PMI...

[goof2]

Originally Posted by RACER X

so there are 2 workmates here trying to refi their house.

both put $ down, 10% and 20%

both w/ BofA

both had appraisers commisioned by BofA

both appraised at under what they even owed. know i now the markets down, but more then 20% in TX is not realistic (or is it)? they've both lived in their respective houses for ~3yrs.....

good area's........

and what happens is if, if they go w/ the "appraised" value , they have to pay PMI...

I don't know about your area but the neighborhoods around here holding value well are down 20-25%. Neighborhoods that aren't are down 50% or more. It seems neighborhoods that built most of their homes during the boom (05-06) are the most heavily affected.

Regardless of the drop, if the equity they have left in their houses after the refi are below 20% of the appraised value they will have to pay PMI.