How to Obtain a Mortgage : Appraisal for Mortgage Appication


Appraisals are an important part of the mortgage
process. Appraisals help determine whether or not the collateral is sufficient enough
for the loan. Some lenders may request that appraisals be paid upfront. An average appraisal
fee is $300. The reason lenders do this is because borrowers will place an application,
the appraisal is done on the property, and they’ll decide not to go through with the
loan. Lenders don’t want to have to pay this fee to the appraiser, especially when they
don’t end up obtaining the loan. Some lenders will give a complimentary appraisal or they’ll
place it on the HUD Statement which can be charged at closing. To determine a value,
or an appraisal, sometimes lenders can go online to get property evaluations. Sometimes
they send an appraiser in person, this is called a “full appraisal”. Full appraisals
are scheduled with the seller, and the borrower will simply be notified of the value after
the fact.

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