I’m still waiting for the home appraised value to refinance. But, I really don’t understand why one broker would require Appraisal when another lender can refinance without Appraisal.
When I refinanced during last week of December, NMA didn’t order home appraisal. But, now with different Broker, they ordered appraisal. I’m puzzled by that fact that, the system that determines if a person requires appraisal or not can vary so much between brokers/lenders when my credit profile didn’t change much, as well as financial situation. It’s interesting and it would be nice to know the reasoning behind that.
My neighbor is refinancing for the second time with same company, but different broker. They have ordered this time around (May, 2009), but they didn’t order the appraisal last time ( Dec, 2008). Maybe I will try to network with a mortgage specialist through Twitter or LinkedIn and they might able to give some insights on this.
Bank Rate to the Rescue?
There’s is an interesting discussion going on at Get Rich Slowly – How to Select Mortgage Broker. If you happen to read the comments, some are thoughtful and shows how people shop to find cheapest mortgage rates. But, in some comments show that people don’t spend much time shopping for Mortgage rates. For instance when mortgage refinance shoppers blindly trusting the rates from BankRate and going with the lender who gives cheapest rate.
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