Home Loans
What Are Appraisal Fees?
(presented by www.refinance-refinance.net - mortgage lenders)
By Ben Afzal
Basics
The appraisal fee is used to cover the cost of the appraisal report.
This report is the official opinion of a licensed appriasal professional.
The appraisal is usually a “full appraisal”. The appraiser inspects the property, take pictures of the interior and exterior, and analyzes the property to determine its current market value.
There are other appraisal types, such as “drive by appraisals” used for home equity lines, but a typical mortgage will require a full appraisal report.
How The Appraisal Affects You
Your appraisal value is critical in both a purchase and a refinance.
If you are refinancing and are seeking a 100% cash out based on your property’s value every single dollar increase in your property value represents one more dollar you can cash out of your property.
The appraisal report is a neutral third party report used by lenders to make sure they are lending on a property that is worth what everyone says it is. The lender usually has an in house staff that reviews the appraisal to make sure it is fair. A lender can increase or decrease an appraisal value or accept the appraisal report. Lenders may:
- accept the value of an appraisal report
- decrease the appraisal value
- increase the appraisal value
Usually lenders accept an appraisal report’s value. Sometimes they will lower the value, and in rare instances actually increase the appraisal value.
What You Get
If you pay for the appraisal you should certainly get a copy of it. The appraisal report is usually a PDF file that is submitted electronically to the lender. The report usually contains color pictures of the interior and exterior of the property.
Disputing Your Appraisal Report
You can try, but it usually doesn’t work. Some appraisers are more aggressive than others and come up with higher values. Appraisers need to be realistic in their reports or lenders will not believe the reports.
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