Hello everyone... My wife and I have stellar credit, excellent salary and income history, and are looking to refi our 5/1 arm that's at 6%.

We owe about $600k and have a not-so-good or accurate appraisal for $680k (i.e. incorrectly listed carpet instead of hardwood among other things). We're in northern california so considered a "declining" market for most lenders. We were 2 days away from closing with a large bank when their underwriters from across the country reduced the appraisal (from their chosen appraiser) by $180k based on, uh, a gut feeling? The refi would have been a split conforming ($417k at 4.875%) and HELOC and would have saved me $700 a month. The actual ltv was about 88% but, given the split conforming/HELOC, the loan was ok so long as the appraisal would have honored. Fortunately, I'm not at risk of defaulting or missing any payments but I'd sure like to lock-in to the low rates if there's a bank (large or small) willing to lend to a stellar borrower in a no-cash-out refi situation (I'd like to fold in closing costs if possible). Is there any lender or broker out there that can help??? thanks, Graham by gknaus from , . Jul 25th 2009 Reply