Fixed rate w/ a bank that hold notes in house - Worcester, MA

[Account Closed]

Hi all,

I'm looking for a 30 year fixed rate mortgage.  My partners and I will be putting down 25% and this loan complies with Fannie and Freddie.  However, we already had the appraisals ordered through a Commercial Bank when the financial structure of this deal was different (initially planned on using a mix of private funding and bank funding), and would love to use the existing appraisals (the Commercial Bank already agreed to release them, and the appraisal agreed to re-assign them to the new bank).  I'm assuming I'll need a bank that hold the note in-house in order for them to use the existing appraisal (since that portion wouldn't comply with Fannie and Freddie).

Any advise?

Thanks much!

Joe

[Chris Mason]

@Account Closed,

I've recycled appraisals plenty of times. Sorry you're not having luck.

At the end of the day a new appraisal is only $500 or so, which shouldn't be a make-or-break on any decent property either way.