I just had my house appraised with another bank. Can I use this appraisal with a new lender for my refi?
Some banks, though certainly not all, will accept an appraisal done in the name of another lender. If you paid for the appraisal, and the order for the appraisal was executed by you, and not your original lender, you can instruct the appraiser to release the appraisal to whomever you wish. If however, your lender ordered the appraisal, they are under no obligation to instruct the appraiser to release the appraisal to any other lender– even if you paid for it! Your best bet is to ask a new lender right away if they can accept the appraisal.
Related Questions
- Does the Appraised Value vary depending upon whether the Appraisal is conducted for the buyer, the seller, or the lender?
- To get the loan, the lender had to have the house appraised. Can’t an appraisal be considered a home inspection?
- I just had my house appraised with another bank. Can I use this appraisal with a new lender for my refi?
