CAN I GET A COPY OF THE APPRAISAL?
When you apply for a loan, if you are not sure whether you are supposed to receive the appraisal copy of the home or residential property, the answer is; certainly! By the aid of the Equal Credit Opportunity Act or ECOA it is absolutely mandatory for the creditors supply you a free copy of the home appraisal, along with the detailed valuation and analysis of the property as soon as it is processed. Moreover, it is not at all dependent on whether the credit is extended or denied, complete or withdrawn!
Even though the present law offers the applicant the freedom to request the lender for a copy of the home appraisal, unfortunately, most of the borrowers are not aware of the fact, whether they can request for the same. The revised rule also requires the moneylenders to inform the borrowers about their rights in three days after the loan application.
In case of the first lien or loan applications the lenders are required to send you the appraisal:
- As soon as the report of appraisal is successfully completed without a further delay.
- Approximately about two-three days before the loan is closed.
In case of High Interest Loans:
As per the new rule, in case of the loans with high interests, the lenders are required to visit the residential property and inspect the same before calculating the property value. By comparing the property, with the similar properties, or buildings having the similar infrastructure, that was sold recently, the lenders tend to determine the accurate value of the concerned property.
Apart from these, a second appraisal might also be required when the property is financed or bought at a lower price rate within the six months. In case of the extra step, the lender is required to do the needful, and supply a copy of both the appraisals to the person, free of cost. Thus, in order to avoid the discrepancies, it is ideally recommended to ask the lenders beforehand about the appraisal copies and in case you are unable to obtain convincing answers from their end, it is better to opt for another appraiser, who will understand and address your basic requirements in a better way.
Pro-tip: In case you have encountered a problem, in the process of mortgage closing, feel free to discuss the issue with the money lender, before taking legal steps.