Can I challenge a low appraisal?
Yes, you can request a review or provide additional information to support a higher property value.
FRFIs must have a framework to review and challenge valuation assumptions, so provide supporting documentation and comparable sales data.
Key Points
Your lender should have a process to double-check the appraiser's work if the valuation seems off.
The appraiser your lender uses needs to be properly qualified to make sure they know what they're doing.
The appraisal needs to be done carefully and without influence from the lending decision.
Primary sources
Primary sources cited by the Ratellow Research Team. Editorial standards · Correction policy
Related Questions
How does mortgage insurance enable lower down payments?
Mortgage insurance lowers the risk for lenders, allowing them to offer mortgages to borrowers with down payments between 5% and 20%.
How will lenders evaluate my debt service ratios, and what key factors are considered?
Lenders assess your ability to repay the mortgage by calculating your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios.
What property considerations impact my mortgage application?
Lenders carefully assess the property's value and characteristics, directly influencing the loan amount you can secure.
How does the 'straight switch' exemption benefit you at renewal?
The 'straight switch' exemption lets uninsured mortgage borrowers move their mortgage to a new federally regulated lender (FRFI) at renewal without needing to pass the Minimum Qualifying Rate (MQR) .