Will Quicken Loans do a second appraisal for a conventional loan?

Will Quicken Loans do a second appraisal for a conventional loan?

When applying for a conventional loan through Quicken Loans, some borrowers may wonder if a second appraisal will be required. The answer to this question is yes, Quicken Loans may require a second appraisal for a conventional loan under certain circumstances.

When the initial appraisal comes in significantly lower than the expected value of the property, or if there are concerns about the accuracy of the initial appraisal, Quicken Loans may choose to order a second appraisal to ensure the value of the property is accurate. This is done to protect both the borrower and the lender from any potential financial risks associated with an incorrect valuation of the property.

A second appraisal may also be necessary if there are conflicting reports about the condition of the property or if there have been significant changes to the property since the initial appraisal was conducted. Quicken Loans wants to make sure they are making informed decisions when it comes to lending money, and having an accurate appraisal of the property is essential in this process.

In some cases, the borrower may be responsible for covering the cost of the second appraisal, but this can vary depending on the specific circumstances of the loan. It’s always a good idea to discuss any concerns or questions about the appraisal process with your loan officer to ensure you have a clear understanding of what to expect.

FAQs:

1. Can I request a second appraisal on my own?

If you believe the initial appraisal is inaccurate, you can request a second appraisal, but ultimately it is up to the lender to decide whether or not to accept it.

2. Will a second appraisal affect my loan approval?

While a second appraisal may delay the loan approval process, it is ultimately done to protect both the borrower and the lender and should not have a negative impact if the property’s value is accurately assessed.

3. How much does a second appraisal typically cost?

The cost of a second appraisal can vary but generally ranges from $300 to $500, depending on the location and complexity of the property.

4. Can I choose the appraiser for the second appraisal?

In most cases, the lender will select and order the second appraisal to ensure impartiality and accuracy in the valuation of the property.

5. What happens if the second appraisal comes in lower than the first?

If the second appraisal comes in lower than the first, it could impact the terms of the loan or even lead to the loan being denied.

6. How long does a second appraisal take?

The timeline for a second appraisal can vary, but it typically takes a few days to a few weeks to complete, depending on the availability of appraisers and the complexity of the property.

7. Can I dispute the results of the second appraisal?

If you believe the second appraisal is inaccurate, you can discuss your concerns with your loan officer and provide any additional information or documentation to support your case.

8. What if I disagree with the value determined by the second appraisal?

If you disagree with the value determined by the second appraisal, you may be able to negotiate with the lender or provide additional evidence to support your claim.

9. Will a second appraisal affect the interest rate on my loan?

A second appraisal should not directly impact the interest rate on your loan, but it could indirectly affect the terms of the loan if the property’s value is lower than expected.

10. Can I appeal the decision to require a second appraisal?

If you believe the decision to require a second appraisal is unjustified, you can discuss your concerns with your loan officer and see if there is any room for negotiation.

11. What if the property’s value has increased since the initial appraisal?

If the property’s value has increased since the initial appraisal, it could work in your favor and potentially lead to more favorable loan terms.

12. How can I prepare for a second appraisal?

To prepare for a second appraisal, make sure the property is clean and well-maintained, provide any relevant documentation or information about recent renovations or improvements, and be available to answer any questions the appraiser may have.

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