Home Buying in 11105>Question Details

Kenya Bolden, Home Buyer in New Cassel, Westbury,...

I am a buyer experiencing problems wit my mortgage company. If I decide to move to a new company will I have to do a new appraisal?

Asked by Kenya Bolden, New Cassel, Westbury, NY Sat Jul 17, 2010

Mortgage madness

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3
generally speaking, if its an FHA loan then the appraisal will transfer, if a conventional loan your applying for then you'll likely need another appraisal. Make sure and ask your 'new' lender upfront if the appraisal will transfer.

good luck.
0 votes Thank Flag Link Tue Jun 28, 2011
Hi Kenya. You didn't mention what "problems" you are having exactly. That would lead me to think there may be financial issues but that is merely conjecture.

It's darn likely that you will need another appraisal. If I'm wrong then you reap a benefit to save some money. Good luck.
0 votes Thank Flag Link Tue Jun 28, 2011
That's a big question...rules have changed. If you change the mortgage company, but keep the bank they are putting you with, you should not have to do a new appraisal.

If you have done an appraisal with the mortgage company and have not yet been approved by a bank...I am not happy with that. Appraisers are being assigned to the banks...you should not have an appraisal until you have a pre-approval (pre-commitment) from a certain bank. Mortgage brokers cannot pick an appraiser and have it done (to the best of my knowledge).

Please call your attorney and discuss this....or give me a call and we can talk about the details 631-425-6150 Gail Gladstone
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sat Jul 17, 2010
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