15
Jul
Can You Use One Home Appraisal For Different Loan Companies To Refinance?
Author: Rob // Category: Q&AWe paid for a home appraisal for another lender and now we want to check our options. Can we use the same appraisal we already paid for with other lenders?
Tags: Appraisal, Companies, Different, Home, Loan, Refinance
July 15th, 2009 at 4:28 pm
You can, but if the appraisal is over 90 days old, it is no good. Also, the previous lender has to transfer it over, which you have to request in writing.
Good luck!
July 15th, 2009 at 5:13 pm
You are getting ALOT of bad advice to your question.
You can take it and use it as a GUIDELINE, but they will NOT use that appraisal….they’ll use another one.
The banks will use their own appraiser.
The appraiser isn’t for you, it’s for the lender, and anyone can “payoff” an appraiser to obtain an exaggerated value…that is why they won’t take them from everyone that brings one in from another source.
Appraisers in most states won’t transfer an appraisal…b/c that is how they make money, they are not required to, and the originating bank will usually not release it.
July 15th, 2009 at 5:43 pm
Mortgage refinance of a property is quite hassle free and usually a good idea to save money.Borrowers who find it difficult to meet their repayment obligations due to financial constraints opt for refinancing their property. Refinance is also a preferable option for borrowers who want to lower down their interest rates even though they are able to make their payments comfortably. Mortgage refinancing involves replacing an existing mortgage with another one at a lower interest rate. Refinancing a property is a good option for homeowners who may have purchased property when interest rates were high.
http://mortgages-finance.awardspace.com/
http://best-loans.awardspace.com/homeloans.htm
There are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers.Bi-weekly payments let borrowers pay off their mortgage refinance faster. Bi-weekly payments allow borrowers to pay their monthly installments in two parts to be paid twice a month. Instead of paying full amount once a month borrowers pay half of their scheduled monthly mortgage payment every two weeks. An advantage of this option is that borrowers repay an amount equal to thirteen monthly payments by the end of the year, instead of the usual twelve.
July 16th, 2009 at 12:25 am
Sure can. Thing is that lenders are tough on appraisals these days, so one lender might accept it, another may reject it. You won’t know until you apply and get your loan into underwriting (aka pay all the fees associated with the application).
July 16th, 2009 at 5:59 am
yes