Home appraisal to be done after refi closing

What is the name of your state? nj
The mortgage company says they made a mistake and we need a home appraisal (1 day before scheduled close). They said we could do after closing. I estimated house value as 300K. Loan is for 145,000. we want to get rid of pmi. Any problems with this?

[Bigfoot]

The finance company has made one mistake. Why let them make another? By having the appraisal before the closing, you'll know all of the costs associated--even if this means delaying the closing.

If it's done after the closing, you won't have much of an opportunity to challenge the results.

A drive-by appraisal is do-able. Otherwise, a good appraisal, where the appraiser actually compares other similar houses, may add another 3-5 days.

thanks. It will be interesting to hear what our attorney recommends (he was assigned by the mortgage co)

[HomeGuru]

Originally posted by sauceygirl
What is the name of your state? nj
The mortgage company says they made a mistake and we need a home appraisal (1 day before scheduled close). They said we could do after closing. I estimated house value as 300K. Loan is for 145,000. we want to get rid of pmi. Any problems with this?

**A: if your value is correct, your loan would be less than 50% L/V and therefore no PMI would be required.