Do you have to go with bank that did appraisal for refinance?

Question

Hi there,

The bank I'm working with to get a refinance came back with a lower number than I expected. What options do I have?

Can I go get a second opinion elsewhere? Am I obligated to pay the original bank for their appraisal services?

Am I able to negotiate with the bank or do they go with exactly what the appraiser recommended as a matter of process?

Thank you!

Chris Mason · Answer

1) You can appeal it based on data, this has a fairly low success rate but costs nothing to try.

2) You can find a new lender. If working with a mortgage broker, you don't have to switch loan originators to switch lenders, and if they agree the appraisal is BS, they may even pay for the new appraisal.

3) Yes, you still have to pay for the appraisal.

Do you have to go with bank that did appraisal for refinance?

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