Refinancing a Home with a legal english basement

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Topic: Refinancing a Home with a legal english basement

Real Estate August 16, 2016 at 9:44 am

Refinancing a Home with a legal english basement

Dear Popville:

I would like to revisit this topic which was raised in July 2014 since I have the same issue. Link.

I am attempting to refinance a conventional 30 year mortgage with a lender to get a better rate and the loan officer just informed me that I don’t qualify for a conventional loan because my house has an english basement; specifically according to him the appraisal company classifies my home as a multi-unit property because there are “two kitchens” and no interior stairway into the basement. It seems like they wont budge, and looks like I am out the $425 appraisal fee.

Based on the comments to this topic two years ago that I’ve linked above, some people have successfully refinanced as along as they found the appropriate lender. I would love to get some help here, and hear from folks who’ve successfully refinanced. Any advice would be very useful.

 

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