LakeTravis
Recycles dryer sheets
I have to admit I'm a little confused and a whole lot more perturbed about trying to refinance my lake house.
I've been working with Amerisave, was quoted a rate of 3.625 with enough credits to bring closing costs to $0. In fact, it shows a credit of over $300.
And their GFE lists the "Appraisal" as one of the costs that they throw their credits up against.
But then I'm told I have to pay for the appraisal out of pocket, and that I won't get that back at closing. Huh? Then how can they show it as one of the costs that are eliminated, resulting in a credit of $300 at closing?
I ran quotes on the other contender, BoxHomeLoans, and they also specifically include Appraisal in their list of third party costs before they apply their closing credits - also resulting in a claim of $0 closing costs - but when you continue thru the application process, you are required to provide credit card information to pay for the appraisal.
Am I just not understanding how this works nowadays? What happened to mortgage companies/brokers/underwriters covering the cost of the appraisal?
I'm also being told by Amerisave that I may have to pay for a survey out of pocket as well if the old one I have isn't suitable.
I've been working with Amerisave, was quoted a rate of 3.625 with enough credits to bring closing costs to $0. In fact, it shows a credit of over $300.
And their GFE lists the "Appraisal" as one of the costs that they throw their credits up against.
But then I'm told I have to pay for the appraisal out of pocket, and that I won't get that back at closing. Huh? Then how can they show it as one of the costs that are eliminated, resulting in a credit of $300 at closing?
I ran quotes on the other contender, BoxHomeLoans, and they also specifically include Appraisal in their list of third party costs before they apply their closing credits - also resulting in a claim of $0 closing costs - but when you continue thru the application process, you are required to provide credit card information to pay for the appraisal.
Am I just not understanding how this works nowadays? What happened to mortgage companies/brokers/underwriters covering the cost of the appraisal?
I'm also being told by Amerisave that I may have to pay for a survey out of pocket as well if the old one I have isn't suitable.