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Posted on Mar 9, 2013 in FHA Information

Question by Priscilla B: My house appraised for far less than what I owe!?
I am currently refinancing and the appraisal has come back as more than half of what I owe on my property. I ‘m so shocked and confused. I knew it was going to be low but I didn’t expect it to be more than a 50% drop! What should I do? should I cancel the refi and do some upgrading to the house or continue?

Best answer:

Answer by Go with the flow
Upgrading? I would have thought of paying down the mortgage instead.
Funny how different minds can work.

Sounds like you should continue as you are if paying down a mortgage is not something you would consider doing.

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Budget cuts will restrict FHA mortgages
"Any decrease in the rate the FHA is able to ensure mortgages will clearly hurt housing." The HUD budget cuts would have the biggest effect on lenders that don't have so-called direct endorsement authority, view Jaret Seiberg, pilule senior policy analyst at …
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Wells Fargo 30 Year Mortgage Rate Deals Today
Wells Fargo 30 Year Mortgage Rate Deals Today Standard 30 year loans at Wells Fargo (NYSE:WFC) are being quoted at 3.625% carrying an APR of 3.963% today. The FHA options for the 30 year loans at the bank have been published at 3.375% yielding …
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Current Mortgage Rates: Wells Fargo Refinance Mortgage Rates for March 7, 2013
The bank also accepts loans that are insured by the Federal Housing Administration (FHA) for borrowers with low credit scores. The 30-year fixed rate home refinance loan for conforming loan balances comes with a mortgage rate of 3.625% and an APR …
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