Information is your right …
Information is your right …
… Especially if it is about your property’s appraised value
Just because you are looking for a loan against your property, you need not meekly abide by the terms enlisted by the lender. The Consumer Financial Protection Bureau (CFPB) is all determined to strengthen your position and to this end, the bureau has released a proposed rule, as per which lender will have to justify the loan offer. Basically, as per this new rule, the lender will have to share requisite appraisal details with loan applicants. In fact, written and valid copies will have to be provided. Thus, as a homeowner, if you are told that you are not eligible for the desired loan terms, the rejection will be supplemented with proofs.
This is a welcome respite. Property conditions in New York and other states haven’t really been bright. To buy, homeowners paid more than the current value of their property. In such circumstances, when a property owner applies for a loan, a lender can quote misleading amounts and can conveniently blame poor market conditions for the scenario. To further support the falsified findings, lenders work with specific property appraisal agencies or appraisal agents, who help them prepare flawed appraisal reports.
The trend however shall continue no more. With this new rule finding its space in the lender borrower relationship, anything unjustified shall cease to exist. Thus, if a lender has procured a falsified or misleading property appraisal report or has resorted to inefficiencies of any sorts in this context, as a homeowner, you would know. A professional could analyze the appraisal documents and apprise you with the aspects that have been ignored or the ones which are unnecessarily highlighted. This scrutiny shall help work out the actual value, your property deserves.
Get a property appraisal now from https://nyhomeappraisals.com/
