Loan & appraisal question
Question: We had an appraisal done on our house prior to refinancing. But the mortgage broker has turned out to be a flake and we’re switching to someone else. Can we take the old appraisal (which we haven’t even seen yet, though we’ve paid for it) to the new lender, or do we have to get the house appraised again? (We started remodeling right after the original appraisal, and now the house is in construction hell.)
Second: newbie Question: what’s the difference in meaning between the interest rate and the APR? How do we interpret these two items?
Answer: Our lender told us we could use an appraisal for up to a year. If we want to refinance, just use the <12 month appraisal. However, I don’t know if this is the same for your lender seeing it is a different lender than the originator of the original appraiser.
As far as the APR question, jump on any web search engine and look up “Lending Disclosure”. There are dozens of sites that explain very clearly and quickly just what the differences are between APR and the interest rate. You will have your answer in 5 minutes tops.
We just had the same question and obtained the answer this way. I would give you my .02, but I am afraid I could not explain it nearly as thoroughly.
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