I want to be at 4.375% interest rate (currently I am at 5.375%), I own a 0,000 Condo in California. My loan is for about 0,000. Will rates decline to get me to my desirable target? or should I hope and settle for 4.5% interest rate (planning on being in my place for over 5 yrs)
- Thanks
I live in CA. I am refinancing and have had the home appraised. The appraiser used two "distressed proeprty" sales, IE short sales, in coming up with the value for the appraisal. As a result the loan to value ratio is not at 80%, and the interest rate is subsequently higher. It has always been my understanding that distressed property sales are not to be included in the comparables for an appraisal, as they do not reflect the true market value of the home which is being appraised. Is this true, or was the appraiser correct in including the short sales for the comparable value?