Posted on: 07th Oct, 2010 02:50 pm
do i really need another appraisal if i just had my home appraised within 6 months? the appraisal was done with the same bank when i refinanced earlier this year. rates dropped enough for it to be beneficial for me to refinance. do i have to pay to have this house appraised again??
I wouldn't think you would 6 months really wasn't that long ago I think you should be fine w/ the appraisal you have. Because it's a lot to have to pay them to just give you the same appraisal again because I'm sure it hasn't gone up or down hope this helps
Hi k,
The lender will want to check out your property value before he approves you for a mortgage refinance. In order to know the value of your property, the lender may once again ask you for an appraisal.
Thanks
The lender will want to check out your property value before he approves you for a mortgage refinance. In order to know the value of your property, the lender may once again ask you for an appraisal.
Thanks
Four months is typical trigger point for the GSEs. You can pull up the Fannie guide on efanniemae and see the “ins and outs†in B4-1.2-01.
Yes, you have to have the house appraised again.
Depending upon the lender's policy, you either will need a completely new appraisal or a recertification of value, as a minimum
Depending upon the lender's policy, you either will need a completely new appraisal or a recertification of value, as a minimum
Agreed, recertification is the minimal that would be needed. I'm a bit surprised that you're able to refinance again so quickly; I thought that everyone had become more conservative in the timespan allowed between transactions.
