Applied for a home equity loan. Submitted all the required paperwork and received a pre approval.
UNTIL they sent their appraiser out to my home and undervalued it over 100,000 dollars. Suddenly my home went from a worth of approx. 220,000 dollars to 114,000 at the same time a home exactly like mine just 1 door down sold for 235,000, and they would not correct it. So even with good credit, etc, I was denied based on their very own error.
Not every loan institution can be trusted to not *** Up. Save your time and energy, go local and pay for your own appraisal. At least that way you know it will be correct. At any rate, skip this one.
I can deal with rejection at 69 years old but what is unacceptable to me was the total and complete ineptitude and error of their appraisal and the subsequent refusal to correct it even after it could be easily proven by the Sold homes in the development. There has not been a home sold around here for 114,000 dollars in over 30 years.
If it wasn't so sad that as large as this place is, they could not afford an experienced appraiser and/or refused to correct a wrong one, it would be hilarious. Unfortunately people's lives are affected with this level of ineptitude and that is inexcusable.
Product or Service Mentioned: Lendingtree Loan.
Location: Media, Pennsylvania