Starting May 1, 2009, no one involved in the mortgage process is permitted to select their own appraiser and are not permitted to tell the appraiser what value we need..... No one is permitted to ask an appraiser what he "thinks" the value may be befoe we order an appraisal for refinance.
This is not so bad for new purchases, because we must provide a copy of the contract. But for refinances there is no contract. There is no way to check values before spending the money on the appraisal. Most seasoned mortgage professionals have sites they can go n to get around about idea of values, but again there is no way to get the tru value with out spending money...
The new guidelines applies to Fannie Mae and Freddie Mac loans. It does not apply to FHA and some bank loans.....
Need a seasoned mortgage professional contact:
Dale Biaggi
Sr. Mortgage Consultant
Land Home Financial Services
Office: 800-648-2901
Cell: 831-600-6895
Email: dale@landhomeca.com
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