#96 Monday Morning Mortgage Tip: Stacy Himley with Guaranteed Rate

Posted by Shane Andersen on Tuesday, August 6th, 2019 at 7:54am.

Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Stacy Himley from Guaranteed Rate.  In this episode, Stacy talks about new circumstances where you could potentially waive your appraisal before buying your home. You can reach Stacy at 605.605.690.2305 or Stacy.Himley@rate.com  Her office is located at 304 4th St Brookings SD, 57006 or on the web at www.Rate.com/StacyHimley

 

 Waving Appraisals: Who Qualifies? 

 

 

- Sort of. Good morning everybody, Shane here from the Brookings Home Team, powered by Century 21. Monday morning, 8:15, and I got another... I gotta shut my notifications off here. We'll just leave it for now, but hopefully nothing comes in, right?

- Never know.

- Never know. Got Stacey Himley here from Great Guaranteed Rate, to talk about a Monday morning tip here this morning. Before we do that, just remember as you're jumping on, please let us know, give us a heart, give us a thumbs up. If you do have questions for us, and you'd like something answered on our next episode, let us know and we'd be happy to do that there for you as well. So, Stacy, what do you got for us today?

- So, today, we're gonna talk about appraisals. And, as many of you have probably heard, Fannie Mae and Freddie Mac are the two main investors for mortgage lending. For all mortgages that are originated, usually they either go Fannie or Freddie, unless it's a government loan.

- Okay.

- But Fannie Mae and Freddie Mac are sitting on all kinds of data. Over the years they have all this information of people who have gotten homes, financed homes, based on the property value at that time or the purchase price or something life that. So, they're sitting on all of this data and have decided that it's okay to use that and that lenders can use that. So, once in awhile, and it's happening more often now than it has in the past, a property that you're looking to finance may be eligible for a property inspection waiver. Fannie and Freddie each call it something different of course.

- Oh, yeah.

- It's not just the same thing for both but--

- But the same.

- Yup. But essentially, once you decide on a property, we plug that in and you can see if it's eligible for a property inspection waiver. And all that means is, based on the data that Fannie or Freddie has, they think that value is within the limits of being an acceptable value, basically.

- Okay, okay.

- So, the customer then would sign a form that acknowledges that they are waiving their right to a full fledge 30 to 40 page appraisal. They're okay to use this electronic value. So, the only thing that people sometimes wonder about then is well, what about the condition of the home? So, this value would be based on the value itself. So the person would probably still want to have a home inspection or something like that if they are concerned about the actual condition of the home.

- Sure.

- This is for the value only. It is acceptable for a lender to use. And so, it is going to save them also some money on closing costs with not having to pay or wait for an appraisal to be done. So.

- Cool. Okay.

- It's happening more and more. We see it more often than we used to. But it's just them being able to use that data that they are sitting on. So, we like that they're gonna use it too.

- Yeah, and it saves them a few dollars like it says there--

- Yup, saves some money on and time. So.

- Oh yeah, definitely.

- Don't have to wait for that and so it does come in handy. I've had one that somebody said, "Naw, I'd rather have an appraisal."

- Okay.

- Okay. That's fine too. So totally up to you. It's up the consumer. But it is a feature that is out there. So.

- Perfect.

- Yeah.

- Well, good, good. Yeah, some good information today on that. If you do have any more questions on that, feel free to hit Stacy up. She's be happy to talk to you a little bit more on that. Can you do that with refi's too?

- You can if you're doing a rate and turn refinance.

- Okay.

- If you're looking to pull some equity out, then you do have to have a regular, full fledged appraisal.

- Yeah.

- Yeah, right, so. And each properties different. We just plug the address in and see if its eligble. So, yeah.

- Perfect. All right. There you go, guys. Thanks again for watching. That is this morning of Monday Morning Mortgage Tip. We'll be back next Monday. Again, same time, different place. But, if you have any questions for any of us, please, again, let us now. And please feel free to share and tag this video with anybody else you think would be interested in watching it. So, thanks again for watching, guys. Have a great Monday and we'll see you guys next week. Talk to you later.

- Bye.

 

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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