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Old 08-13-2009, 11:10 AM
 
1 posts, read 1,733 times
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I'm currently refinancing my condo. I have read various things about paying for appraisals out of pocket vs. having it rolled into my loan. I was told by a mortgage company (not the one I'm refinancing with) that paying for an appraisal out of pocket was illegal because of the new appraisal law recently passed and that it had to be rolled into the loan. That doesn't sound right to me, but at the same time I want to make sure my mortgage company isn't pulling the wool over my eyes and forcing me to come up with $350 that I could use towards something else.
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Old 08-13-2009, 12:27 PM
 
Location: Plano, Texas
1,675 posts, read 6,658,307 times
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You are getting bad information. You will be required to provide the lender the method of payment up front which they will pass along to the appraisal management company that gets your order.
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Old 08-13-2009, 12:37 PM
 
Location: OK
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What Victor said.
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Old 08-18-2009, 02:01 PM
 
Location: New York
2,251 posts, read 4,544,946 times
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Quote:
Originally Posted by Shasta200 View Post
I'm currently refinancing my condo. I have read various things about paying for appraisals out of pocket vs. having it rolled into my loan. I was told by a mortgage company (not the one I'm refinancing with) that paying for an appraisal out of pocket was illegal because of the new appraisal law recently passed and that it had to be rolled into the loan. That doesn't sound right to me, but at the same time I want to make sure my mortgage company isn't pulling the wool over my eyes and forcing me to come up with $350 that I could use towards something else.

It is a common practice the home owner pays for the appraisal. If the loan doesn't close, the broker doesn't want to be stuck for the appraisal bill.
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