Question by petersruby20: How many appraisals do I need to shop for a mortgage refinance?
If I want to get 2 or 3 offers for a mortgage refinance, do I have to get 2 or 3 appraisals? Or can I get just one, and use that for all 3 banks?
Answer by Caveat Emptor
Appraisals are not done until you actually apply for the loan. If you’re just shopping around for rates and costs, an appraisal is not needed. Rates and costs will depend on your credit/income and the amount being refinanced, not the appraisal. Once you select a lender and actually apply, an appraisal will be ordered by the lender – not by you. It’s only purpose is to determine that the property’s market value is sufficient for the loan amount.
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