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Lender reduced loan after formal appraisal

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Guest	Posted: Wed Dec 01, 2010 7:32 pm    Post subject: Lender reduced loan after formal appraisal Like 0 Dislike 0 I'm looking to refinance to take advantage of lower interest rates and to get rid of a minimal amount of credit card debt ($8k). The lender said I needed an in-person, third party appraisal but then REDUCED the appraisal amount (and therefore my loan amount). This doesn't seem right to me? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10408 Location: Alaska 981.02 Dollars($)	Posted: Wed Dec 01, 2010 10:06 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! The lender cannot reduce the appraised amount as per his discretion. He will have to lend you the money as per the appraised value of the property. You should contact your lender and ask him to clarify the matter. Feel free to ask if you've further queries. Sussane
raymond Community Expert Joined: 03 Jul 2009 Posts: 1182 Location: Irvine, California 26.95 Dollars($)	Posted: Wed Feb 09, 2011 9:44 am    Post subject: Like 0 Dislike 0 The Lender can reduce the value of an appraisal if the Underwriter disagrees with the Appraiser's findings. If the value is reduced, and you disagree with the Underwriters decision, you can request a formal "appraisal review". But I don't recommend it, because everytime my clients appraisals have gone through the review committee, the value was reduced more. _________________ Raymond Denton www.RaymondDenton.com

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