| Appraisal
Fee - What it covers and the typical cost
An appraisal fee is a fee sometimes charged during closing costs to have
a qualified professional appraiser perform an appraisal or an estimation
on the market value of a property.
The appraisal fee will vary depending on the specific characteristics
of your home and the type of appraisal done. Appraisers may charge one
fee for a single family home and a larger fee for duplex, fourplex, or
a commercial building
How much is an appraisal fee?
The typical appraisal fee for a standard owner occupied single family
tract home, condominium or town home is anywhere from $200 to $500.
Why is an appraisal needed?
Lenders use appraisals to confirm that the house you are buying is worth
the price you have agreed to pay. The mortgage lender does not want to
be stuck with a property less than what was loaned.
You can usually request a copy of the appraisal once your loan is complete.
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