Can I chose the Appraiser who appraises my home for a refinance loan?

I had one done for a refinace loan and it was way under value...The housing market has slowed down but not stopped where my home is located....I really have problem with appraisers. All my friends appraises where the exact dollar amount as there loan when they purchased their home so I really question them on the value ....

If you're paying them, you get to choose them - so long as you don't choose an appraiser who is somehow a related party to the transaction.

And your friends houses appraising for the exact dollar amount needed to justify the loan as submitted is nothing unusual. Sometimes it's a number "manufactured" to make clients happy - stay away from those appraisers. Sometimes it's an appraiser who could get more value, but sees no reason why they should work harder than they have to, or assume more liability

Most of the time the bank or mortgage company has adjusters that they use. You will have to ask the company that you are refinancing with.

The bank is the one that relies on the data and they use the appraiser of their choice. It is done with the computer, there should not be a wide variance.

Refi companies typically have a list of appraisers they will accept appraisals from.

Typically the bank or mortgage broker chooses the appraiser since they are the one's risking money to do the refinance. Some lenders do have a list of approved appraisers though. Check with your broker to see if your appraiser is on their list and you may be able to use them.

Appraisals for refinances are often different than for purchases. We had a similar situation. Unfortunately we were not allowed to choose our appraiser either. If you have the choice NOT to refinance at this time, perhaps you shouldn't. In many places in the country people in the industry are trigger shy. Perhaps that might get better in a few years?

I don’t think you can choose your appraiser due to conflict of interest concerns, but you might be confused about the appraiser’s function. Their job is to come out and make sure the house is worth as much as the amount you’re paying; that’s not to say it couldn’t be worth more.

I just bought a house that’s worth about $160K. My appraisal says my house is worth $140K, which is what I paid. If I paid $150K, the appraisal would be for $150K. That’s why your friends appraisals are matching to the prices they paid.

The appraiser is supposed to come in and make sure the collateral (the house) is worth as much as your loan. Should you default on your loan or chose to sell, the owner of your mortgage wants to be sure they can recoup what they are owed. If you’re trying to pay $225K for a house only worth $200K, the appraiser is doing you and the loan company a big financial favor by telling you so. Would you rather overpay, and end up upside down in your house?

no, the bank will choose the appraiser or have a list of approved vendors they select from.

Generally not. Most lenders prefer to let a vendor randomly select the appraiser. This gives them the most unbiased opinion of the value.

Appraisers tend to stop at the value expected, rather than go beyond that. If the purchase price or cst's estimated value is $100,000, they stop as soon as they reach $100,000.

if you use a broker....then maybe...if they're 'blacklisted' then you can never use them

if you use a bank or direct lender then they will use their own appraiser...and there's not questions about that