Equal Home Finance Bureau ALERTS!

Appraisal-Based Scams

Sometimes an unscrupulous lender wants to avoid a promised interest rate. Other times, they are simply trying to force you into more expensive loans by increasing your Loan-To-Value Ratios. Either way, the crux of the real estate loan transaction can be the value of the home being financed. If the appraisal comes up low, it means a higher lTV ratio or a way for the mortgage broker to get out of the loan. While the mortgage broker is not supposed to have any power over an independent appraisal, consumers have complained that something "fishy" seems to have gone on in the appraisal process.

Either way, by the time a bad appraisal is sorted through or a new one is paid for and completed, consumers often have lost a special interest rate lock or other problems.

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