Mortgage Appraisal License
How do I get a free home appraisal from an appraiser with a license?
I am looking to remove PMI from my mortgage and my company is requiring me to get a current home appraisal from a licensed appraiser on the company’s letterhead. I would hate to shell out $400 for this service, so who can I call on to get an official appraisal for free? Thanks in advance for any help.
My current mortgage I got as a first time buyer at 5.02%. It is a great rate so it wouldn’t pay to refi at this point.
And yes I do have 24% equity in my home. I made an extra payment to specifically gain this equity and remove PMI but they still want the home appraisal. Looks like I am stuck having to get one.
You don’t. You pay for it, and it can be well worth the payment. It’s smart to act to remove PMI from your monthly payments, and smarter still is you use at least half of that money as extra principal payments to pay down your loan faster. You have PMI because you made a very low or 1 down payment and have little equity in your home. Most of your monthly payments are going to interest, taxes, insurance, and PMI, almost nothing for principal. Therefore, unless you have had your mortgage for years, or your home has increased in value–which right now homes are declining not increasing–it is unlikely you have now have a 20% equity in your home.
You can get free market analysis from local realtors, but the PMI company will require a paid appraisal to release you from PMI. Read your PMI contract, from all your mortgage papers at closing.
Check around, different appraisers have different rates, and as there is less business now with this horrible housing market, you may find a discounted amount. Be sure they are licensed, or meet whatever requirements your PMI has.
Mortgage Broker Under Fire Surrenders License
Roundhouse retains liquor license
AURORA — Following the state’s lead, the city of Aurora agreed to leave the liquor license of America’s Historic Roundhouse in place while the company’s owner tries to sell the historic building. At a liquor commission hearing Monday afternoon at Aurora City Hall, deputy liquor commissioner Cheryl Vonhoff asked Roundhouse …
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal License. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal License
What should I do if I suspect my appraisal was deliberately undervalued on my house?
I have had 3 appraisals done, for different mortgage companies. The first was very good. The second, I don’t know much about, but after the company got it back they started to process our application, so it must have been ok, the third one had false statements on it and even a picture they said was of the inside of my house which showed a moldy wall to back up their claim that we need a new roof. That picture was not of the inside of my house, I do not have a leak, do not have a moldy wall, and have no idea where they got the picture. Was it incompetence or did they do it deliberately? I think so, I can’t imagine why, but it lost us the refinance we were trying for. What should I do? I have talked to another appraiser who offered to look at my house for free, but that would be a 4th appraisal and what good would that do? These people are licensed and must have some standards to meet, must be required to file honest reports. Who should I call to report what I feel is fraud?
It’s hard to tell whether it’s incompetence or a deliberate act without knowing the appraiser. Residential appraisers tend to juggle a number of appraisals at once…perhaps these details are from another home they were appraising at the same time.
You should point out the error to the mortgage company, who should then bring it to the attention of the appraiser. If the information and photo contained in the appraisal are untrue/incorrect, the appraiser has to remedy the errors in the appraisal.
For your information, appraisers are required by federal legislation to comply with a professional code of ethics known as the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP requires that all information contained in the report are factual to the best of the appraiser’s knowledge. For additional information on USPAP, visit http://www.appraisalfoundation.com/
If the information in the report is incorrect and the appraiser refuses to remedy the report, you and/or the bank can report the appraiser to whichever department handles appraiser licensing in your state for violating USPAP.