Posted on: 06th Oct, 2008 09:38 pm
Is there a law that is in effect that let me choose my own appraiser to determine my ltv ratio in getting rid of my PMI?
no...an appraisal of property must be completely independent of everyone's interests. in other words, the appraiser is hired to give an opinion of value, not to meet your desire to cancel mortgage insurance; not the lender's desire to do whatever they want to do, etc.
This will vary from lender to lender. Some lenders will choose their own appraiser while some will allow you to choose from their list of approved appraisers. I have even heard of some that would allow you to choose your own appraiser but the appraisal would then be subject to review by one of their appraisers, at your expense of course. As George said, appraisers need to be impartial and unbiased, so most lenders are reluctant to allow you to select your own in fear that you have influenced the appraiser, or what happens in most cases, the appraiser may be a relative or friend of yours and may show a bias in their valuation.
I agree with Benjamin. Call your lender to find out their proceedures. They should be able to send you a packet that will explain their process step by step.
