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Follow up to question about spouse refinance only

We have applied for refinance under my wife's name only on 3/14/12. The only letter we had received was her credit score and thanks for applying. We received a call that the appraiser wanted to set up an appointment and we did so for Thursday. 1.) Is this a "sign" that they have agreed to the terms they offered us pending the appraisal or could they still change the rate even if the house appraises higher than the loan amount?? 2.) How long does it take to close after the appraiser submits his report?? 3.) Is there ANYTHING I can do to help elevate the appraised value in the next day? 4.) Appraiser says it takes about 30 minutes for him to do his job. I asked a realtor friend of mine to come by and give me some help and a Market Comp Assesment (Idk the lingo but I think that is what he is doing) and look around to help me present it. I appreciate the answers and if the local bank here tries to alter the terms, can I contact some of you folks even if not in the state of WV?? Looking for the most professional and some of the responses I've received makes me wish you folks were close by!!! by Offsui_867_345 from Charleston, West Virginia. Mar 20th 2012 Reply


Leonard Volodarsky (nyfha@yahoo.com)
#55 ranked lender in New York - 14 contributions

Before paying for appraisal, unless they already got money from you, I would insist on getting complete DISCLOSURE fromn the lender or mortgage broker who took your application on March 14!!!Again, unless you receive full disclosure package, I suggest you do not proceed furtherBestLeonard Volodarsky

Mar 20th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,960 contributions

Having the appraiser show up with just a credit score disclosure and a thank you is not normal. I would strongly suggest you not move forward with that particular lender without further communications with a live person. Realistically - I want to tell you to run away as fast as you can. I don't know who you selected, but this reeks of some out-state online only internet company who advertises super low rates you'll likely never get. They show you nothing, bet the expensive (to you) appraisal done, then tell you your "terms" - which will never be what you thought. It works well, because so many people will now stick with them because they have already paid for an appraisal and don't want to pay again.

Mar 21st 2012
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Melvin List (melvinlist)
#144 ranked lender in Florida - 124 contributions

You should have received the entire disclosure package. I would ask for the Good Faith Estimate before paying for an appraisal.

Mar 21st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Wow!, So let me see if I understand you correctly. Your wife submitted an application and the only communication you received is a letter several days letter with her scores and a call from the appraiser. Really? I agree with Joe, 100%, you DO NOT want to deal with this kind of organization. At the very least, you should have received a phone call from a Loan Officer advising you of their preliminary findings, what additional documentation they still need to collect from you and the pricing of the loan product you applied for. Then, you should have received a complete disclosure package from them detailing IN WRITING, the proposed terms, as well as a number of disclosure documents they need you to sign. To me, the fact that they jumped the gun and want to send out an appraiser before providing you with these basic documents is a sign of a company no one should be dealing with. I would definitely look for a firm with a better reputation as well as a Licensed Loan Originator. Make sure you check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 21st 2012
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