Equity Question - New Purchase

[Andrew Foley]

I purchased a home (not official but offer accepted, inspected and appraised, closing May 1)

The purchase price is $269,900, and the appraisal came in at $291,000, which kinda shocked my agent and I.

Does this mean I have the difference in equity from the from the jump?

Thank you!

[Marcus Auerbach]

A CMA from your agent and an appraisal use basically the same approach: its math based on a selection of comps. And this is where the discursion is coming in.

If you have 20 good comps, you can choose the 10 higher ones, 10 lower ones are a little bit of each. Based on how you choose the result will be different.

Best time to refi is May/June and later, because you want a sufficient number of deals already closed from the spring market (as opposed to using comps from last fall) - at least in a market that is as seasonal as ours in Milwaukee.