Help! Wells Fargo lowball appraisal, trying to refi 1 BR coop

Hi all, any advice on our refi? We live in a large multi-building coops with good comparables in Brooklyn, and Wells Fargo lowballed our appraisal (our broker said they are notorious in the industry for this). Based on the numbers from WF the cost to refi would be $12K, $9K of which would go to our principal balance and $3K in closing costs. Despite being upset about the appraisal, we told our broker we were willing to do this since we figured that with the new rate that eventually we would be saving over $500 per month on our mortgage, but she advised that we go with another bank (Flagstar) in the hopes that they would give us $20K more in the appraisal in hopes of not having to pull $12K out of pocket. Of course, our broker can’t ensure we’ll get a better appraisal, and i am wary of dishing another few hundred dollars to get another crap appraisal from another bank… (We have spent over $30K in renovations/upgrades and the WF appraisal clearly did not reflect this). Does anyone have any advice or know anything about Flagstar bank? Our broker also mentioned some of the local community banks and credit unions may offer 95% loan to value loans so we could also call around to see if they are, then you would not have appraisal concerns. I am loath to go on another several month long wild goose chase (how long this WF thing took) to have no resolution. Any advice would be much appreciated!

Crumpler

in Financial Services 13 years and 4 months ago

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joeo | 13 years and 4 months ago

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Shop around for a new brokerlender and explain the situation, they might eat the appraisal cost or apply it to some of the other closing costs.

Putnamdenizen | 13 years and 4 months ago

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95% loan to value on ccop?  Seems unlikely.  If you can afford the 9k, why not?  Isn’t paying down a principal a good thing anyway?