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Why is a new apprasial required?

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lindamwood2000 Joined: 10 Dec 2009 Posts: 1 1.28 Dollars($)	Posted: Thu Dec 10, 2009 2:37 pm    Post subject: Why is a new apprasial required? Like 0 Dislike 0 Our mortagage broker called to day (the underwriting was completed and approved 3 days ago) and stated we had to pay for a new apprasial to close the refi. Is this Texas law or are we being scammed?
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Thu Dec 10, 2009 8:02 pm    Post subject: Like 0 Dislike 0 Hi lindamwood, I don't think there's any such law in Texas which requires you to go for a refinance in order to close the refinance. I would suggest you to contact the mortgage broker and clarify as to why he requires a new appraisal when the underwriting is complete and approved. He will be the best person to let yoy know the reasons. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Dec 11, 2009 9:54 am    Post subject: Like 0 Dislike 0 slight error there, adonis; though i know you meant "appraisal." i don't know texas law, either, but it only makes sense that a home would need to be appraised in order to determine ultimate qualification for a mortgage, be it a refinance or a new purchase. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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