• Question
  • Mortgage caclulator way off

    Asked by someone from Beaumont, CA on 10/4/2018

    I ran the Reverse Mortgage Calculator and the area estimate is way off. You use Zillow and they were closest to 200,00 but the Zillow area map shoes $370,000 to $470,000.
    So it said not eligible for Loan.
    I can send a screen shot of the calculator and of Zillow, but tried to add here and wont take it.

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  • Categories: Mortgage Refinancing, Housing

Answers

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  • Don't worry at all as the zillow value won't matter when you get to the point of actually applying for the loan. An FHA appraisal from a licensed appraisal will come to your house and get a very accurate value of your home--if it's worth 500K then the appraisal will come close to 500K!

  • Login to rate this answer:   Answered on 10/17/2018
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.