We were told at the begining of a loan process that we were approved for a loan with 6.9% fixed for 30yrs. He came we signed preliminary paper work, they even changed our mortgage holders with our insurance company, gave them a loan number and everything. We paid his apprasier 350.00 to do the apprasial. Well 2 days before closing the terms changed. Now the loan does not help us at all. Actually hurts. Does he have to reimburse us our money for the apprasial?
2006-09-25 06:53:02 · 6 answers · asked by lea 2 in Business & Finance ➔ Personal Finance
as a matter of fact this was their apprasier
2006-09-25 07:16:14 · update #1
I have been working in the mortgage industry for about 5 years and I hear this ALL the time. I, personally, as a constomer, would not pay the 350.00, why? Because, even if you take yourself somewhere else..... who will garentee the same results?. No one. I would call the current mortgage company and see what they can do, Sometimes, they are willing to pay u half or the full amount, let them know that if they dont, you will bad mouth them and put it in writing, if you have to. I would go to a mortgage company REFERRED to you. Just to get a second opinion,... if you dont like what you hear,..... stop trying to refinance. Its probably not the best time to do so. Can you put a stop payment on the check for the appraisal? I am glad to hear you are in time to stop it before anything goes thru. Losing 350.00 is nothing compared to the price tag you would have to keep on paying to keep your mortgage in good standing.
2006-09-25 07:04:40 · answer #1 · answered by Photographer 6 · 1⤊ 0⤋
I hate to tell you this but I think either the loan officer did not bring it up to your attention or you did not paid attention. When you sign all the paperwork, they probably gave you a commitment of locking in the rates and terms or to let it float (meaning the rate will be at whatever rate at closing). letting the rate float is great if you anticipate the rate will go down more before you close on the loan but not so good if the rate goes up.
The other possibility is that the mortgage company was shopping your application all over town and finally found one that will finance you but at a rate you do not want.
You need to look at the paperwork you signed to see what you have actually signed. Is it just a loan application with the mortgage broker or did you sign one with a lender. You most likely will discover in the paperwork that you are responsible for the appraisal regardless.
About appraisals, you always want to go with the bank approved appraiser. If he or she is not on the approved list, the banks will not accept the work. Then you will have to do another one and paid for it also.
2006-09-25 14:36:34 · answer #2 · answered by robert S 4 · 0⤊ 1⤋
Unless he was chosen and hired by the lender, you will probably have to pay him/her. He is a separate company and usually has nothing to do with the other financial institutions. if you want a true appraisal, you should always hire your own, as the one for the bank could make it higher than it actually is, so that you borrow more.
2006-09-25 14:13:06 · answer #3 · answered by BillyBoy 2 · 1⤊ 0⤋
Did you agree in writing to the changes? i do not believe a company can change a loan, or any thing with out your written approval.
2006-09-25 15:19:19 · answer #4 · answered by rkilburn410 6 · 1⤊ 0⤋
sorry, but you have to pay for this appraisal report. i don't know why your loan change, but because you pay for the appraisal- you can transfer this report for other mortgage company and you can look for different deal and use the same report.
2006-09-26 01:55:48 · answer #5 · answered by bianca 4 · 0⤊ 0⤋
Maybe you should speak to the insurance company about getting your money back.
2006-09-25 14:03:37 · answer #6 · answered by Hannah B 4 · 0⤊ 1⤋