Who owns the appraisal?
In almost every case the appraisal is owned by your mortgage
company, even though you may have paid for it. This is because
your mortgage company orders the appraisal on your behalf, and the
appraiser lists that mortgage company on the appraisal report.
Even though the mortgage company owns the appraisal, you have the
right to receive a copy. It is at the mortgage company's
discretion whether to give you the original appraisal.
What if I decide to use another mortgage company after the
appraisal has been completed?
This does not necessarily mean you will have to pay for another
appraisal. Your first lender can transfer the appraisal to your
new lender. Some appraisal firms may charge a small fee, however,
because there is clerical work involved in editing the appraisal
to reflect the new mortgage company. This fee is called an
"Appraisal Retype Fee." The original mortgage company has the
right to refuse to transfer the appraisal to another lender. In
this event, you will need to get a new appraisal. |
