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Lynshy Henry
  • Rental Property Investor
  • Philadelphia, PA
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Refinance for existing rental

Lynshy Henry
  • Rental Property Investor
  • Philadelphia, PA
Posted May 18 2022, 07:20

Any lenders in the area that will use an existing appraisal the current lender I am using is not good I need to go another route

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Brandon Plombon
  • Banker
  • Minneapolis, MN
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Brandon Plombon
  • Banker
  • Minneapolis, MN
Replied May 18 2022, 07:22

Some banks will, others will not - it strictly depends on their lending policy. If the appraisal is within the last 30,60, 90 days you have a better chance of finding someone that will assume it than an appraisal that is older than a year old. For example our bank will if it is within 90 days and was ordered by another financial institution, not the individual or borrower.

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David Kelly
  • Lender
  • Nationwide Lender
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David Kelly
  • Lender
  • Nationwide Lender
Replied May 18 2022, 08:11
Quote from @Lynshy Henry:

Any lenders in the area that will use an existing appraisal the current lender I am using is not good I need to go another route


 Yes, it can be done.  How old is the appraisal and is your current lender agreeing to release the appraisal to another lender (via an email)?  If it were to come to me I would need the lender to write an email that they are transferring it over to my bank.  If we get that, we can use it.

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11
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Lynshy Henry
  • Rental Property Investor
  • Philadelphia, PA
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11
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Lynshy Henry
  • Rental Property Investor
  • Philadelphia, PA
Replied May 18 2022, 19:23

The appraisal was done in November. I have it on email myself.