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.
We have been helping customers afford the home of their dreams for 42 years with over $ 1.5 billion dollars in closed residential loans and we love what we do!
Illinois Mortgagee License # MB 6761275
Florida Mortgage License # MB 4398
Company NMLS: 1656794
Regulated by: Illinois IDFPR-Director Rehwinkel 1 555 West Monroe St, 5th Floor, Chicago, IL 60661
888-473-4858
Gary DiCicco
President and Managing Partner
1890 S 14th St Suite # 140
Fernandina Beach, Florida 32034
840 S. Northwest Highway Suite #202
Barrington, Illinois 60010
Phone: (847) 717-9005
Fax: (800) 466-8091
gdicicco@p1mc.com
NMLS: 218864
IL 031-0049845
FL LO84443
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