answersLogoWhite

0

Why can't you get an appraisal then shop for mortgage?

Updated: 8/19/2019
User Avatar

Wiki User

13y ago

Best Answer
If you get an appraisal ahead of time, the bank may or may not accept it. They have specific appraisers that they've worked with before, and may not trust appraisers whose work they aren't familiar with.

If you happen to use the same appraiser the bank normally uses, this COULD work out.
User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Why can't you get an appraisal then shop for mortgage?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Do you need to get an appraisal for home mortgage refinancing?

Every lender sets the standards and requirements for its various mortgage instruments. Whether you need another appraisal depends on many factors, including when the most recent appraisal was done. Your best bet is to check with the lender for these requirements. The cost of an appraisal is likely built into the closing costs.


What is the best way to get a good mortgage?

The best way to get a good mortgage is to shop around. You will have to shop around in order to find the best rate on a home mortgage.


Do you have any price range for Belgique Aicer special double barrel 16 gauge shot gun ser 30702?

Cant identify the gun by this description. please take it to a gun shop for appraisal


How can I get out of my 40 year mortgage?

you cant deary;)


What products are offered by The Mortgage Shop?

The Mortgage Shop offers mortgage and financial services, including mortgage advice and guidance, mortgage lending, refinancing options, insurance products, and investment advice. They aim to provide comprehensive services to help individuals navigate the home-buying process effectively.


What type of companies buy mortgage notes?

A number of companies purchase private mortgage notes. The Mortgage Buyer, Inc is one service which will purchase them after an appraisal and verification by the borrower. Brokers for mortgage notes includes Edward J Adams Mortgage Note Brokers, or the Note Marketplace website.


What information is needed to refiance a loan with Riverside Mortgage?

There is a lot of documentation needed in order to refinance a home loan with riverside mortgage. You will need the details of your first mortgage, as well as proof of current income and liabilities. Then you will need to get an appraisal of your home.


Who pays for a real estate appraisal--buyer or srller?

In residential contracts in the US, the buyer pays for the appraisal which is required to obtain a mortgage. Some contracts may be negotiated that a portion of the closing costs are seller paid on behalf of the buyer which could include the appraisal in the final accounting.


Do you have to have an appraisal?

As a buyer, seller, mortgagor (one who gives a mortgage as security for a loan; the borrower) or mortgagee (the party who advances funds for a mortgage loan; the lender) an appraisal is needed in order to be adequately informed about the subject real estate. Appraisals help potential buyers, sellers and mortgagors, and potential mortgagees make a decision. For example, an appraisal helps a buyer determine a reasonable offer for a home that is for sale. A lender will want to know if the subject property is valuable enough to cover the mortgage amount in the event of foreclosure.


How do you obtain a pre existing appraisel on a home?

If it for your own information you can simply call your broker/banker and ask him for a copy. RESPA requires that you as a borrower have a right to receive a copy of your appraisal. However, be advised that even though you paid for your appraisal, it is not YOUR appraisal. It is the property of whatever Banker/Broker ordered the appraisal. You can not reuse an appraisal for the purpose of refinancing unless the new mortgage company has the appraisal assigned to them. This requires the original broker to release their interest in the appraisal and sign it over to the new company. Its probably best just to get a new appraisal depending on the age of the pre exsisting appraisal. There may be new comparable sales to your benefit or detriment.


Where could one obtain and appraisal on jewelry?

There are many online blogs that can help with information on jewelry. Another alternative is going to a jeweler or even a pawn shop to get a bare bone appraisal.


What happens if you cant pay your dutch mortgage?

what happens if you become unemplyed and wish to reduce your mortgage payments are there any options in holland