Second lender may not accept first's appraisal

      DEAR BOB: I applied to refinance my home mortgage to reduce my interest rate, selecting the lender because they sent me a mailing telling me I was "prequalified" for a home loan. When I phoned, the loan the loan officer described seemed like what I wanted. The lender said I would have to pay a $300 application fee, which would be used to pay for the appraisal. That sounded reasonable to me so I paid the $300. The appraisal was satisfactory, at what I think my house is worth.
      But when I learned the loan has a stiff prepayment penalty, I refused to accept it and the lender wouldn't waive the prepayment fee. About two weeks later I found another lender, through a newspaper ad, with a better loan and no prepayment. But the second lender refuses to accept my first appraisal and insists I pay another $300 fee. Why? -- Rebecca G.
      DEAR REBECCA: Most lenders don't trust appraisers, even though properly licensed, who are not on their approved appraisers list. Also, the fact that another lender ordered your appraisal might make the second lender question it. A lender's choice of appraisers is very subjective; they often want complete control over their appraisers. Sorry, there's nothing you can do to force the second lender to accept the first appraisal.
      -- Send your questions to Robert J. Bruss, Tribune Media Services, 435 N. Michigan Ave., Suite 1400, Chicago, Ill. 60611.