Discussions

For refinance mortgage... has anybody found the value to be low?? Can you appeal this? Is so what is the process? We haven’t seen the appraisal but she sent me an email to tell me what it is and I’m shocked.

From personal experience, I do know that an appraisal amount is always lower than a market valuation. If you wish to hire a different appraiser to re-do the process, then you have to ensure that whomever you get to do it is recognized by your bank, and that you are 100% responsible for their fee. Chances are it will not be much different though, as there are standard formulas that appraisers use for calculating the values. Then the bank lends only a percentage of the appraised value of the home.

I can't say I've ever encountered this, but here's an article that gives some suggestions as to why it might be low and what steps you can take to remedy it (if possible). It's from an American site, but I think the advice would be applicable here.  
 
https://www.mortgageblog.com/possibly-go-wrong-refinance-appraisal/  
 
Is your appraisal substantially different than on your last mortgage? Have you made changes to your home?

Your appraisal will be based on what similar properties have sold for in your area, as well as similar markets elsewhere. With housing market being slow the values have dropped. I ran into the same issue awhile back, where after building a garage my appraised value actually dropped slightly. You do have the option of hiring someone at your own cost for a second opinion, but the bank will still go by what their guy came up with. The bank is more concerned with protecting their money, so sorry to say, you are likely stuck unless you move to another lender

if you are having issues borrowing with a bank and renegotiating your own mortgage call a broker to help. I ditched one of the big banks because of crap like this over 10 years ago. Jumping through way too many perceived hoops. A broker helped me simplify and the financial firm we have our mortgage through has been great in that ime. Plus their rates were better anyway. You can always state you aren't pleased and shop around. That is what a broker is for.