Is it true that for the primary residence refinance, the appraisal must be walk-thru and cannot be drive-by?

It all depends on what the automated underwriting says. It's possible to not need an appraisal when refinancing, especially if the mortgage is owned by Fannie Mae, Freddie Mac or if it's an FHA mortgage. Also, $350 is reasonable and actually on the cheap side. Gregorio Denny - WeFixRates.Com - Licensed in CA

In this market a full walk through appraisal with interior pictures is required for all loans unless an appraisal has already been completed on the home with in a 3 month period. If that is the case usually the underwriters will require an appraisal recertification which could be just a drive bye. Typically drive bye appraisals are only used for final inspections that are pending upon work needing to be completed on the home to get the fair market value of the home. Appraisal costs can run from $350-500 depending upon what type of loan you are trying to get approved for. $350 is on the very cheap side!

NO that is not true, I have quite a few clients that are able to get a drive by or a waiver of inspection. It depends on the situation and the person running the automated underwriting engine. Call me to discuss your situation...... FDIC insured Bank. I am licensed in all 50 states.Professionally Yours,John SchweerMortgage Banker since 1998Generations Bank 7200 W. 132nd Street, Suite 220 Overland Park KS 66213toll-free: 877-788-3520 x6187direct: 913-928-6187fax: 913-800-7876 (private)email: john.schweer@bankwithgenbank.comRemember expert mortgage advice only costs more if you don't get it.

hi: If it's a conforming loan and run thru the automated engine, findings will state what type of appraisal is required. FHA & VA streamlines sometimes require a drive by or no appraisal at all but guidelines can change at anytime in this industry. What type of loan are you refinance? Conforming, High balance, Jumbo, FHA or VA or DU refi plus (Fannie) or Freddie (Open Access)...Be glad to go any guideline questions.. Mike (mconvin@stconvininc.com) 703 505 5300