Complaint / review text:
My husband and I have 780 FICO scores, $200K in the bank and applied for a second home loan. We were required to pay for an appraisal which was hefty: $600 early on in the process.
The vacation home appraised just fine but Amerisave underwriters found something in the Declarations of the vacation home that they didn't like thirty days well into the approval process so they denied us the loan. We found ourselves wondering why? Now, we are out the $600 appraisal fee since the next lender refused to accept the earlier appraisal. Consumers beware!
Get your loan completely approved before you take your money out of your pocket to pay for any appraisal! The wording you should use is "acceptance of all underwriting paperwork and fees is required before I agree to pay for an appraisal".
Don't budge on this, stay firm.