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Refinancing our log home
We're having some trouble refinancing our log home. It seems lenders want comparables within the last 6 months and we're finding that people build a log and stay in it. Can you offer any suggestions or point us in the right direction?
Reply by Randy Hunziker on 2/23/2010 8:46 AM
The requirements on what lender's expect to see on comparables varies greatly. I would suggest that you contact Greg Ebersol at American Log Mortgage at (800) 901-5647 ext 6605 . Currently they do not require that they must have log home comparables. The criteria that is key for them in appraisals is finding the following: 3+ homes that have sold in the past 6-12 months Comps must be similar in square footage, bedroom & bath count and similar size acreage Comps should be within 5-15 miles Depending on your individual circumstances they can potentially lend up to 95% for a refinance.