Appraisal Issue.

NEW -> Contingent Buyer Assistance Program
NewIrvineBee

NewIrvineBee

Member
How does it work with appraisal?  My friend just bought a brand new house in Shea home. She doesn't know go to Shea mortgage or outside lender. She is thinking to match the loan with bank and the Shea mortgage. All the banks said she need to get an appraisal report first. It seems not making sense to get 3 bank reports and pay for 3 appraisal reports. All of the banks have to use their own appraiser.  Just wonder what you guys did on this part..... :P
 
The comparison process does not require a bank to get an appraisal. Get the "best and final" terms from everyone who you're comparing with, make a decision, and stick with it. Anyone who cannot give "best and final" rates without an appraisal is not someone who you need to work with. Rate / Term comparisons can only be done 60 days before closing.

If the closing is further out than 60 days, ask the bank if you move money to them and it sits for 60-90 days, will they be able to offer better terms. Sometimes if you bulk load all of your closing funds in one bank now (assuming a 90 day close) your terms might be better than what the in-house lender offers.

my .02c
 
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