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Too many appraisals?

My house was appraised about 3 months ago. I paid for two appraisals then. I think that I could qualify for a lower interest rate, but as I assess the different fees involved, I am wondering if I can avoid another appraisal. Can my house value be that different from just three months ago? by radpal1966_616_127 from Lakeville, Minnesota. Aug 24th 2011 Reply


Steve Conklin (satorimortgage)
#6 ranked lender in Minnesota - 4 contributions

Why did the loan not go through? Underwater? Some lenders will take appraisals that are 120 days out, but it also depends on many other factors. Your best bet is to contact a mortgage pro and have them work with you. You have a 50/50 chance of being able to use the old appraisal. Satori Mortgage-

Aug 24th 2011
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Dan Eveland (daneveland)
#21 ranked lender in Minnesota - 15 contributions

More than likely you'll need another appraisal. If there are properties that have sold near you that are good comparables to you that support a higher value you may be able to see a change in the appraised amount. It's not too likely though. If you'd like to risk another $325 then we can sure take a look at your situation. Dan EvelandWaterstone Mortgage Corp763-202-7600develand@waterstonemortgage.comwww.whatisyouraddress.com

Aug 24th 2011
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Chris Reineke (creineke)
#8 ranked lender in Minnesota - 2 contributions

If you have a freddie mac or Fannie mae loan you could qualify for a relief loan where we can use 105% value of your home and sometimes we can get a appraisal waiver where no appraisal is necessary. You can call me at 507-210-6495 and Ask for Chris . American Allegiance Mortgage. www.allegiancemn.net. On the appraisal factor one would assume if your appraisal value didn't get you approved 3 months ago it won't know either.P.S. If your value of your mortgage is more then 105% of the value of your home I would not risk paying any more money for another appraisal. 3 months is not going to make a difference in appreciation of your existing home.Sorry i hope this helps and if you have more questions contact me !507-210-6495

Aug 26th 2011
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