Rant: The "appraisal waiver" myth in cash out refis

I kept seeing people online claim you can skip the appraisal on a cash out refi if your loan amount is under a certain number. Spent two weeks shopping around and calling five different lenders. Every single one told me that's basically a myth for cash out loans. The only time they waive it is for a rate and term refi. So unless you have some special program through a credit union, plan on paying for that appraisal out of pocket. Did anyone here actually get a waiver on a cash out refi or was that just bad info floating around?

2 comments

2 Comments

joseph93210d ago

Nah, my credit union waived the appraisal on my cash out refi last year so it does happen.

spencer_hayes7110d ago

They probably still ran an AVM or something automated though. Most places just skip the full walkthrough but still pull data.