I am refinaning my home, and using FHA. I was told that 2appraisals were required, and that a 700.00 fee was added to my loan. Is this legal?
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October 18th, 2009 at 4:12 am
One appraisal, made by the bank. It is NOT added to the loan, but paid at closing.
You might want to verify you are actually working with someone legit, this is not right.
October 18th, 2009 at 4:12 am
Traditionally you only paid for a 2nd appraisal when you were refinancing a $2Million home. The banks would get more nervous that they were making a mistake. But on FHA loans it would be very unusual to pay for 2 appraisals. It is legal.
October 18th, 2009 at 4:12 am
I just refinanced using FHA and I only needed one appraisal. I was charged 400.00. I done know if the laws vary from state on this, but that might be a possible explanation. I would ask the loan officer that you were using about this.