Private Lending & Conventional Mortgage Advice

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Sean Rhodes
  • Rental Property Investor
  • Portland, OR
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Questions about my lender

Sean Rhodes
  • Rental Property Investor
  • Portland, OR
Posted Dec 5 2019, 09:56

Hi everybody!! So I am currently in the process of refinancing my house. When I purchased the property originally the lender I used stretched my numbers to the max. ( meaning I got approved for the most amount of money that I could possibly get). So now I am in the same situation only my numbers have gotten a little tighter. Also I did an addition to the property so I have to get an appraisal done. And my refi is dependent on the results of the appraisal. So my question is basically do lenders get paid only when the loan goes through? Obviously I’m concerned that if the appraisal doesn’t come back as high as I projected will I be stuck with a bunch of fees from the lender?

Thanks for the advice

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