Appraisals at Smith Mtn Lake

I am pleased to report that I have it on good authority that appraised values of homes on Smith Mtn Lake are coming in higher than expected.

There have been numerous appraisals (from various appraisal firms) recently completed for purchases and refinancing. Homes that were purchased in 2008 are now being refinanced because of 15 year rates in the 4.25% range and 30 year fixed in the 4.75% range. These appraisals are coming in HIGHER than their purchase prices of 2008.

In addition, underwriting of these appraisals is more strict than ever. Underwriters are taking a hard look at comparables sales. Even with the more strict underwriting of appraisals these loans are closing and interest rates are so low, it's (almost) like borrowing free money.