I’m a retired real estate appraiser who is bothered by lenders who automatically order full appraisals on refinance loans even when it isn’t always necessary.
In cases where your loan is substantially below your home’s market value, say, under 50%, a cheaper Limited Appraisal Report will suffice.
Lenders are beginning to use a computer generated automated underwriting system in support of their value conclusions that do not require an appraisal.
I asked my lender why they insisted on a full blow...
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