Question about refinance

[Anonymous]

We're in the process of refinancing, but are not pleased with our broker's overall turn around time with phone calls/emails. He was awesome in the beginning, but now it takes him several days to return phone calls. The appraisal was done several weeks ago; we were just waiting on a settlement date. However we're at the point where we might consider a different broker, considering how unresponsive our current one has been. If we don't go through with the refi (with our current broker), how does that work in terms of the appraisal, starting with a new broker, etc.? TIA!

[Anonymous]

you have to get a new appraisal. Just call the slacker now and tell him he's taking too long and you are going to use someone else. See if he calls you back or not.

[Anonymous]

Who would be responsible for the payment of the first appraisal? Would we eat that charge or would the broker?

[Anonymous]

Anonymous wrote:Who would be responsible for the payment of the first appraisal? Would we eat that charge or would the broker?

you would.

[Anonymous]

Most lenders will accept your current appraisal. Youay pay a nominal fee to have the appraisal transferred in the new lender's name. You pay for appraisal.

[Anonymous]

Anonymous wrote:We're in the process of refinancing, but are not pleased with our broker's overall turn around time with phone calls/emails. He was awesome in the beginning, but now it takes him several days to return phone calls. The appraisal was done several weeks ago; we were just waiting on a settlement date. However we're at the point where we might consider a different broker, considering how unresponsive our current one has been. If we don't go through with the refi (with our current broker), how does that work in terms of the appraisal, starting with a new broker, etc.? TIA!

If it is a reputable lender, I would not switch and restart the process. It can be a slow process and there may be other refi clients ahead of you. We started the process in February and did not close until mid to late April. We thought it was slow but were in no particular hurry as long as the interest rate we wanted was locked in and we had satisfied all the requirements -- and did not have to come to the table with any money for closing. We also got money back from escrows and overpayments. So, it is worth into be patient.