Financing in 91950>Question Details

Darren, Home Owner in 91950

Do I continuing shopping for a loan while waiting for the appraiser?

Asked by Darren, 91950 Wed May 23, 2012

I am in the middle of refinancing my primary home. After getting GFE's from several lenders, I have chosen a 15 yr fixed conventional loan with a local credit union. I have already put down my good faith deposit with them and all I am waiting for is the appraiser to give me a call to set up an appointment. I wanted to lock in the rate today at 3.125% with no points with a lender credit of $3500. I was emailed back by the loan officer stating that I could lock the rate in at 3.125% with no points but with a lender credit of $1500 only since the appraisal was not yet done. Do I just wait for the phone call from the appraiser or do I continue shopping for the loan? I am not sure how long it takes for an appraiser to look at the home but I wanted to take a more proactive approach about this. I have another lender who I wanted to use as a plan B that has offered me similiar terms. All they are doing is waiting for me to order appraisal. Any advice is appreciated. Thx in advance.

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I would not continue shopping if your lender has ordered an appraiser. If you start with a new lender, that instituation will insist on ordering THEIR OWN appraisal and you would be out another $450-$500.

My advice is to stay put at this point and only make a change i9f there is a problem.
0 votes Thank Flag Link Wed May 23, 2012
If you have an appraisal done for the credit union you will not be able to use it for another lender, so if you don't mind paying for two appraisals you can shop one against the other. Save yourself some money and make your lender decision and stick with it. You may not have the rate you wanted today, but it may be available tomorrow. The other lender will have a different rate by tomorrow. Have you checked out the lock policy as to when you may lock your loan? Some lenders will not lock until the appraisal is completed and your file is ready for underwriting.
0 votes Thank Flag Link Wed May 23, 2012
Hi Darren,

The lender sends the appraisal out to an independent to get the job done.

Ask the lender to extend the $3,500 credit because you have nothing to do with the timing of the appraisal or the completion of the appraisal. Once the appraiser comes out, it could take as long as a week or 10 days to get it back to the lender. Ask them to explain how you should be penalized for something that is part of their process?

Bottom line, if you like the loan, fight for what they said you would get.

Find out what the lock in procedure is with Plan B before you execute. Know you could wind up in the same position with them also.

Best to you,

Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
0 votes Thank Flag Link Wed May 23, 2012
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