| Author |
Message |
|
|
anab
Guest
|
 Posted: Wed Jul 15, 2009 6:41 am Post subject: appraisal |
|
|
at what point during the loan process does bank order the appraisal? I applied for loand and my banker said everything was looking good and i was pre approved he then ordered the appraisal and after another month said that we were turned down due to debt/ income ratio. Now i had to fork out 900 for appraisal. I dont feel like this is fair and why did he tell me we were looking good. Also this process took two months and he kept giving me the run around saying we were next in line and that the underwriters swere backed up.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
Guest
|
| Posted: Wed Jul 15, 2009 8:04 am Post subject: |
|
|
Sounds fishy to me. Do you have a pre-approval letter? Unless something change in your income or debt status that is not right.
In my experience the appraisal is not ordered until there is a rate lock. |
|
|
 catharin9
Joined: 14 Jul 2009
Posts: 169
-0.07 Dollars($)
|
| Posted: Wed Jul 15, 2009 8:57 am Post subject: |
|
|
| DOES PREAPPROVAL LETTER MATTERS? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7413
Location: bloomfield, ct
63.98 Dollars($)
|
| Posted: Wed Jul 15, 2009 9:02 am Post subject: |
|
|
Don't know your experience, guest, but that would be pretty short-sighted in a case where a borrower chose to delay lock-in to the last minute.
appraisals are among the first things on the agenda when a loan becomes live.
i agree that it's too bad that our poster had to pay $900(!) for a report and get turned down eventually anyway. however, we have way too little information here to be able to figure out if the lender mishandled the file.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
