- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (9)
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
All good answers! The appraisal is/should be an instrument used by the lender to know how much risk is involved with lending you money, just one parameter in your loan process (your credit rating is another). My experience is the lender is more than happy to spend your money to assure their asset. Also in my experience, the NO appraisal fee 'come on' only bites you in the buttock later with higher back end fees or higher APR rates...
- Steve Boucher, "FHA and VA Mortgage"
- Contributions:4
I would agree with all answers so far. Only way to get out of it is if the automated underwriting system allows for it. It would also be lender specific so if you do want to avoid it you could shop a few lenders.
I would also ask if the lender would pay for it and see if they are able to offer that
I would also ask if the lender would pay for it and see if they are able to offer that
There are some excellent answers to your question already posted - bottom line is that if your lender is asking for it, you will need it.
Only exception is if your Loan Officer has not run your loan through the AUS (Automated Underwriting System) to see if the appraisal waiver will be offered.
Another thing to consider - your lender must also have the ability to underwrite and fund the loan with 0 "overlays" or additions to the AUS findings; in other words, they accept the findings received and proceed accordingly. Because some lenders have their own additions to the findings, and will request the appraisal with no regards to what the results of the AUS findings are.
Ask your lender if they can underwrite with "0 overlays", and this will tell you if you have a "chance" at not having to order a new appraisal.
Only exception is if your Loan Officer has not run your loan through the AUS (Automated Underwriting System) to see if the appraisal waiver will be offered.
Another thing to consider - your lender must also have the ability to underwrite and fund the loan with 0 "overlays" or additions to the AUS findings; in other words, they accept the findings received and proceed accordingly. Because some lenders have their own additions to the findings, and will request the appraisal with no regards to what the results of the AUS findings are.
Ask your lender if they can underwrite with "0 overlays", and this will tell you if you have a "chance" at not having to order a new appraisal.
- Liberty Mortgage
- Contributions:470
The only way not to get an appraisal done is if you are refinancing a Fannie Mae loan and the findings come with a Property Inspection Waiver. If that in fact is the case you would only pay a $75 fee. If you do not have a Fannie Loan then you must have an appraisal.
- shapiroamg
- Contributions:3058
I've seen plenty low loan to value mortgages that need appraisals. It will depend on when you last loan was closed and other variables that FannieMae has built into thier automated system that are unknown to underwriters and loan officers.
I have some ideas but considering your home is in uxbridge, I would anticipate needing an appraisal. I could be wrong, but that would be my first guess. In aany event, it should not cost you anything to have your loan run through to determine this. you can then decide to proceed or not.
I have some ideas but considering your home is in uxbridge, I would anticipate needing an appraisal. I could be wrong, but that would be my first guess. In aany event, it should not cost you anything to have your loan run through to determine this. you can then decide to proceed or not.
- Adrian Gastelum, "Mortgage.Expert"
- Contributions:47
Lenders should not ask for that if the loan is truly 1/3 of the value. The lender would have to run the "automated system" and likely get what is called a "appraisal waiver" you do have to ask if your lender honors those waivers that FannieMae puts out in those cases. If a waiver isn't produced you would be required to get a new appraisal issued on your residence. Good Luck!
- shapiroamg
- Contributions:3058
I would ask them if the loan has been run through an "automated system". FannieMae's system will sometimes waive the appraisal or lessen the type of appraisal needed. Some companies will ignore the appraisal findings and ask for a full appraisal no matter what.
- Gary Cohen, "Gary Sells Money"
- Contributions:48
Based on the information you have provided you are considered a high quality borrower. I have helped borrowers in this position by paying their closing costs not only for the appraisal but even some of the other costs.
Shop around and ask the mortgage originator if they can help you the way I indicated.
Shop around and ask the mortgage originator if they can help you the way I indicated.
- John Peterson, "Loans.4.You"
- Contributions:4
From a borrower's perspective, this is certainly a waste of money, but a necessary evil most of the time.
If there was a way to avoid it, the lender would tell you. Loan officers don't have anything to gain by requiring you to get an appraisal - it slows down the process & if the value comes in low, it can kill the transaction.
Even if you return to the same lender for your new loan, they typically sell the loan to other investors (Fannie Mae/Freddie Mac) and continue to service the loan (send you your statements/collect your money, etc.). These investors ultimately set the rules the banks must follow. In the past, the investors allowed for automated values without a physical appraisal, but I don't see that happening now.
Can I get out of an appraisal?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.