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If i decline the mortgage loan, do I still get to keep appraisal?

by richar_425_942 from Nashville, Tennessee. Jan 8th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Since you paid for the appraisal, you can keep it, however keep in mind that if your intent is to go to another lender, your new lender will most likely require another appraisal, which you pay for.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 8th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Yes as long as you paid for it. You are entitled to a copy by law.

Jan 8th 2013
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Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions

Yes you're entitled to a copy. If you move forward with anotherCompany the appraisal should be able to be transferred.I am in the Boro if you have any questions give my office a call.615-867-3060Nancy Releford

Jan 8th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Yes you can keep the appraisal. What happened that you cancelled? if we can be of any help , or if you just have questions please feel free to call us at 201-962-3555

Jan 8th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

If you paid for it the lender is required to provide you a copy. Keep in mind that the appraisal is done for the lender, not for you so technically it belongs to them - not you. They aren't required to allow another lender to use it (if they would accept an assignment, which many will not)

Jan 8th 2013
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Lorne Harvey (lorneharvey)
#77 ranked lender in Washington - 439 contributions

Yes, if you paid for the appraisal you are entitled to a copy. If the loan is FHA, it is transferrable to another lender as the appraisal follows the FHA case number. The FHA case number would need to be assigned to the new lender by the old lender. Hope this helps.

Jan 8th 2013
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Brian Paris (bparis)
#633 ranked lender in California - 51 contributions

Yes, it's yours!

Jan 9th 2013
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