What are the appraisal costs?
For a purchase loan, we pay the appraisal cost and do not charge you until your loan closes. Unlike with most lenders, with us, as long as you lock the rate, you pay no expenses until your loan closes. We will hire the appraiser. Most lenders pass this cost on to you immediately. The appraisal determines the value of the property in question, which becomes a prime factor in determining the Loan-to-Value (LTV) ratio (the amount of your loan divided by the value of your property). Your LTV is important because it determines your equity in the property.
