What Are Appraisal Fees?
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 t
