Posted on: 01st Dec, 2010 06:32 pm
i'm looking to refinance to take advantage of lower interest rates and to get rid of a minimal amount of credit card debt ($8k). the lender said i needed an in-person, third party appraisal but then reduced the appraisal amount (and therefore my loan amount). this doesn't seem right to me?
Hi Guest!
Welcome to forums!
The lender cannot reduce the appraised amount as per his discretion. He will have to lend you the money as per the appraised value of the property. You should contact your lender and ask him to clarify the matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender cannot reduce the appraised amount as per his discretion. He will have to lend you the money as per the appraised value of the property. You should contact your lender and ask him to clarify the matter.
Feel free to ask if you've further queries.
Sussane
The Lender can reduce the value of an appraisal if the Underwriter disagrees with the Appraiser's findings. If the value is reduced, and you disagree with the Underwriters decision, you can request a formal "appraisal review". But I don't recommend it, because everytime my clients appraisals have gone through the review committee, the value was reduced more.
