Lots of people don’t recognize that in the event that you borrow $1,000,000 ($1MM) or maybe more on home financing, many loan providers need two appraisals. They speedyloan.net/reviews/cashland consider a more substantial loan like this a riskier loan, in addition they desire to just just take additional precaution in confirming the worth associated with the asset. The issue is that two appraisals means two appraisers. We respect appraisers, they definitely learn more on how to value residential property than i really do. You have to find a process suspect when you send 5 various appraisers to get 5 values that are vastly different. And I also would argue this takes place adequate to make you wonder in regards to the entire appraisal process.
I will be presently carrying out a refinance where a customer is borrowing $1.8MM for a loan that is new. Continue reading “Million Dollar Loan Amount = Two Appraisals Needed = Two Appraisers. Uh Oh.”