Yes. In most cases you will not have to pay for another appraisal if you change your mortgage company, and depending on the loan program typed, the first lender can transfer it to the new lender. Some appraisal firms may charge a small fee because additional clerical work is required to reflect the new mortgage company; this is called an "Appraisal Retype Fee". The original mortgage company has the right to refuse to transfer the appraisal to another lender. In this case, a new appraisal is needed.
Gus Wakat and Home Equity Mortgage have been in the mortgage business for over 20 years. With a MBA in Finance from the University of Denver, call today to get a free mortgage analysis. NMLS# 1042709
2895 South Cook Street
Denver, CO 80210
Phone: (303) 733-4949
2672 Kinnikinnick Ct B
Vail, CO 81657
Phone: (303) 733-4949
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