Do banks/ lenders agree with the appraised value of the home?I'm on the process of refinancing with Fremont Bank. The estimated value in the loan application is $345,000. The appraisal came back $470,000 which makes the LTV ratio less that 80% | |
Do banks/ lenders agree with the appraised value of the home?I'm on the process of refinancing with Fremont Bank. The estimated value in the loan application is $345,000. The appraisal came back $470,000 which makes the LTV ratio less that 80% | |
An appraisal is an educated estimate of value- nothing more. The bank would look the work over carefully. But if all you need is finance in 80% of $345000 this should make them feel better if that is what you are asking. It would not make them want to loan you more or give you a better rate.
Depends who did the appraisal and if they want to find another appraiser.
If the amount is significantly higher like in your case, they will probably send out another appraiser.
Also, if you hired an appraiser yourself, the chances are the number is wrong. Usually owners/sellers who hire appraisers always get higher unrealistic numbers.
They will obviously accept this.