Yes. Most lenders will require that the borrower pay for the appraisal at the time of loan application. For certain residential mortgage transactions, the lender must wait until the applicant has expressed an intent to proceed with the loan before collecting the appraisal fee.
Of course, the reason for collecting the appraisal fee early in the loan process is that it is possible the loan will not be made. The applicants may withdraw their application; the loan may be denied for some reason, or the property may not appraise for enough to support the loan request. The lender must still pay the appraiser whether the loan is made or not.
However, I have heard of lenders that wait until the loan is made (funded) and collecting the appraisal fee at that time.
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Related Questions
How do you get a loan if home appraisal is higher than value of home?
Apply for less money than the appraisel.
How can home appraisal be improved?
I am having a real estate appraisal soon. How can I improve my home appraisal?
What is the effective appraisal date?
The effective appraisal date is the date that the appraisal was completed. The appraisal will tell you how much your home is worth.
How can home appraisals be improved?
I am having a real estate appraisal soon. How can I improve my home appraisal?
Where do you get a home appraisal?
Find an appraisal firm near where you live and pay them to perform a home appraisal. Google should be able to help you find one.
How do you find out the appraisal amount on a home?
If you paid for the appraisal, then you are entitled to a copy of it. Contact the appraiser or the person who ordered the appraisal and request your copy. If you weren't the person who paid for the appraisal, you will have to order and pay for a new or updated appraisal.
can i refinance @ the amount my home was appraised before i began constrution. it is currently under construction and i have put 40 thousand into the home. does it need to be complete before i apply for refinancing?
Probably not, but possibly. Check with the lender that ordered the appraisal.
Can you buy a home if you owe back child support?
If there is a child support lien against you it must be paid before the bank will loan you money to buy a home.If there is a child support lien against you it must be paid before the bank will loan you money to buy a home.If there is a child support lien against you it must be paid before the bank will loan you money to buy a home.If there is a child support lien against you it must be paid before the bank will loan you money to buy a home.
What different between appraisees and appraiser?
An appraisee is the home buyer or home owner having the appraisal done. The appraiser is the person doing the actual appraisal to determine the value of the property.
What is the cost of a home appraisal for a condominium in California?
There is no standard cost for an appraisal. This work is generally based on the scope of the work, which varies according to who commissions the appraisal, the type of appraisal and the size of the property being appraised. A local realtor can give you a better idea of what is common in your geography for the kind of appraisal you want.
Average cost for home Appraisal fee?
IN THE STATE OF FLORIDA ABOUT $350.00, BUT THE PRICE CAN CHANGE DUE TO HOW HARD THE APPRAISAL CAN BE AND THE DIFFERENT TYPES OF APPRAISALS.
What is an appraisal?
A home appraisal is simply a statement of the "market value" of your home based on recent sales history of homes comparable to your home. The appraised value is determined by a state licensed appraiser, and is typically conducted for the mortgage lender. The appraisal is actually ordered by your mortgage lender and they technically "own" it although you pay for it as part of your loan application process. The mortgage lender, real estate agent, buyer and seller have no influence over the outcome of the appraisal.
What is the average cost of a home appraisal?
between $200 and $300 average
Difference between effective dated appraisal and retrospective appraisal?
The effective date is the actual date that the appraiser is on the property, the market value at that specific time. A retrospective appraisal is an appraisal that gives the market value at another specific time other than when the appraisal is done. The retrospective appraisal utilizes information only up to the retrospective date. A good example for the need of a retrospective appraisal is fire, or the belief that a home was over appraised at an earlier date.
Is 5 days too long to have the deceased home before burial?
if you have the money then yes if you don't have the money then no
What is the cost of a home appraisal?
Appraisal cost answerIf it's a single family residential home in California or most other states it should average around $350 to $400. If the home is more than a million dollars than the cost may increase.
What is the meaning and origin of look before you leap?
Look before you leap means to assess risk before acting. i.e. Before you buy a home you should have an inspection and an appraisal performed so that you know what you are getting into. (You may be jumping off of a proverbial cliff!) Clarification ... and what is the origin?
In Illinois if a 17 year old moves in with Grandparents and out of custodial parents home is the noncustodial still obligated to pay child support to the custodial parent?
You still need to pay the child support. Hopefully the parent receiving the money is handing the money over. If the grandparents are having problems, they need to contact the courts to make sure they are receiving the money.
How do you obtain a pre existing appraisel on a home?
If it for your own information you can simply call your broker/banker and ask him for a copy. RESPA requires that you as a borrower have a right to receive a copy of your appraisal. However, be advised that even though you paid for your appraisal, it is not YOUR appraisal. It is the property of whatever Banker/Broker ordered the appraisal. You can not reuse an appraisal for the purpose of refinancing unless the new mortgage company has the appraisal assigned to them. This requires the original broker to release their interest in the appraisal and sign it over to the new company. Its probably best just to get a new appraisal depending on the age of the pre exsisting appraisal. There may be new comparable sales to your benefit or detriment.
Do you need to get an appraisal for home mortgage refinancing?
Every lender sets the standards and requirements for its various mortgage instruments. Whether you need another appraisal depends on many factors, including when the most recent appraisal was done. Your best bet is to check with the lender for these requirements. The cost of an appraisal is likely built into the closing costs.
How much money can a parent give to a child if the parent is past 80 and possibly going to nursing home in the future?
There is no limit on the amount of money that your parent can give you. You want to do this before they go to the nursing home because the home will take all of their money.
What should I know about housing loans before I get one?
I would suggest looking at home-loan-guide.com. There is a list on the website of all the questions you may or should be asking yourself when looking for a home loan; such as appraisal fees, inspection fees and mortgage points.
When does a houseguest become a tenant?
Once a landlord has received money from the renter or once the tenant has established residency by receiving mail or having items in the home that tend to show permanence.
How soon after purchasing a home can you get a home equity line of credit based on appraisal?
Depending on your loan to value, the day after you close you can apply.Many banks will use there own appraiser. Some of your local banks will use your current appraisal for up to 90 days. Hope this helps.
In real estate what is the principle of progression?
According to the Appraisal Institute's Dictionary of Real Estate Appraisal (5th edition), progression in appraisal is the "concept that the value of an inferior property is enhanced by its association with better properties of the same type." An example would be a smaller home is a neighborhood of larger homes.
