Re-Fi and appraisal ?? What's my best move?

[BungalowMo]

After looking all the documents over, it seems I am both geographically & financially eligible for the USDA Guaranteed loan.

BUT....I don't have much equity in my home, and it's hard to say what it would appraise for.  That being said, I certainly want to re-fi, it's just the "who" that will be the ??  

If I were to go ahead and hire an appraiser, since that is something I have to pay for anyway, how long is that appraisal good for?  I figured that if I got that done now, I'd know right up front what kind of #'s I'm dealing with & if the 102% loan from USDA is for me.

Thanks!!!  

[BungalowMo]

Anybody??? 

*Are there any stipulations regarding hiring my own prior to refi?  I want an appraisor familiar with "old" homes... like 90 yo homes.

[Anonymous]

Generally you don't get to choose or hire the appraiser.  It wold be a conflict of interest as you may be able to pressure them to list high.  The bank hires the appriaser and bills you for it.  Also, each bank would hire their own appraiser, so if you get on appraisal you could probably not "shop" other lenders with the same appraisal.

[BungalowMo]

Boo....just my luck I'll get someone who only likes "new" houses.