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Updated over 7 years ago,

User Stats

69
Posts
26
Votes
Nick Vehr
  • Rental Property Investor
  • Cincinnati, OH
26
Votes |
69
Posts

Is my Refi Appraisal transferable to multiple banks?

Nick Vehr
  • Rental Property Investor
  • Cincinnati, OH
Posted

We went to refi on a property and got through everything and the property appraised lower than planned. The issue is loan depot will not go below 60k after 25% down on a refi, and the house appraised at 71k.

I am wondering if the appraisal is something that can be used at other banks in order to skip the appraisal stage. It was appraised by a licensed agent, and all paperwork is in order. Just thought it may be able to speed up the process. 

May even be able to explore a HELOC considering it could get to close a lot quicker. Can anyone offer some options to help free up the cash as soon as possible with an appraisal in hand.

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