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Asked by megan.bachara, Houston, TX Thu Oct 25, 2012

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Answers

9
Louis Wolfs…, Agent, Needham, MA
Fri Oct 26, 2012
BEST ANSWER
Megan,

loan officers and underwriters are not always on the same page. One takes your information the other verifies it. The loan officer who wants the loan to go thru, as that is how they are paid, orders the appraisal. The underwriter makes sure on your ability to pay the loan back and verifies all that you provided your loan officer.

Appraisal just states the value of the home in the market place, as stated below, if it does not meet the price you are paying they can offer you a lower loan amount, then you have two options, come up with more cash, or see if the seller will take a lower price.


Good luck.
1 vote
Sarah Goulart…, Agent, Plymouth, MA
Thu Oct 25, 2012
Absolutely, the appraisal is just one step in the loan process.
1 vote
Richard Shap…, , Framingham, MA
Thu Oct 25, 2012
You should talk to your lender rather than an Internet board. Ask him if you pay, asset and other supporting docs look fine. Will any follow up be needed. Has your loan officer explained that it is bad to seek out any new credit while in process for the mortgage? Save purchasing the furniture and household items until after you close. Any new inquiries on your credit will need to be explained and if you bought some furniture that came with interest free financing, the lender will need to know the payment and will add it to your debt ratio. So YES a loan can be denied just prior to closing. Credit and unexplained large asset deposits would usually be the culprit.

And lets get into the 100+ of ways title can be clouded....
0 votes
Christine Mo…, Agent, Wilbraham, MA
Thu Oct 25, 2012
yes. You can do something that changes your credit. I have seen lenders deny people days before the closing. Everyone wants the deal to work. If there is a problem with the appraisal or whatever you may need an extension but generally the problem gets worked out. The seller can do what they want if there is a mortage contingency in Massachusetts that doesn't get met.
0 votes
megan.bachara, Home Buyer, Houston, TX
Thu Oct 25, 2012
My lender ordered the appraisal and I am curious as to my chances of losing the loan.
0 votes
Heath Coker, Agent, Falmouth, MA
Thu Oct 25, 2012
If the appraisal comes in low, the loan will be adjusted to reflect the value on the appraisal and you may not have enough to buy the house when you add the loan and your down payment together.
Usually your information on the loan application has been verified by the time the appraisal is ordered.
I have not seen many loans denied because of the borrower, once the application has reached the appraisal process.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes
Susan Gregory, Agent, Capistrano Beach, CA
Thu Oct 25, 2012
The appraisal is one part of the loan underwriting process-the key considerations for any lender are the borrowers ability to repay the loan and the property's current market value in comparison to the loan amount being requested. Once the home is appraised for the purchase price, you still must pass the underwriting criteria as the borrower. This includes verifying your income, debts and assets. You will need to provide acceptable proof to the underwriter in order to verify your ability to repay the debt and pass all of the lender's requirements for final loan approval.
0 votes
Richard Shap…, , Framingham, MA
Thu Oct 25, 2012
Absolutely. There many things throughout the loan process to get your loan denied something in the appraisal something in the condo documentation something in your bank account that shouldn't be there. You could've tried to open up another account which could be an issue
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Thu Oct 25, 2012
Your question is not clear...if the home didn't appraise for the purchase price the lender can deny the loan.
0 votes
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