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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.
What else can I help you with?
How do you get a loan if home appraisal is higher than value of home?
Apply for less money than the appraisel.
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 can I request a home appraisal to remove PMI from my mortgage?
To request a home appraisal to remove PMI from your mortgage, you should contact your lender and ask them to initiate the appraisal process. The appraisal will determine the current value of your home, which is needed to show that your loan-to-value ratio is below 80, allowing you to remove the PMI.
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.
What is the process for obtaining a home appraisal for PMI removal?
To obtain a home appraisal for PMI removal, you need to contact a licensed appraiser who will assess the value of your home. The appraisal report will be used by your lender to determine if your home's value has increased enough to remove the PMI requirement from your mortgage.
How do you get a loan if home appraisal is higher than value of home?
Apply for less money than the appraisel.
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.
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.
Where can one go to learn how to use a home appraisal?
I have recently bought a home appraisal. Where do I go to learn how to use it?
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.
How can I request a home appraisal to remove PMI from my mortgage?
To request a home appraisal to remove PMI from your mortgage, you should contact your lender and ask them to initiate the appraisal process. The appraisal will determine the current value of your home, which is needed to show that your loan-to-value ratio is below 80, allowing you to remove the PMI.
What is the process for obtaining a home appraisal for PMI removal?
To obtain a home appraisal for PMI removal, you need to contact a licensed appraiser who will assess the value of your home. The appraisal report will be used by your lender to determine if your home's value has increased enough to remove the PMI requirement from your mortgage.
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.
How can I request an appraisal to remove PMI from my mortgage?
To request an appraisal to remove PMI from your mortgage, you should contact your lender and ask them to arrange for a professional appraisal of your home's current value. This appraisal will help determine if your home's value has increased enough to meet the requirements for PMI removal.
What is a sentence using the word appraisal?
My home's value was higher now, according to the appraisal. His appraisal of the enemy's forces made the success of the campaign almost certain.
How does a home appraisal affect taxes?
A home appraisal can affect taxes by influencing the assessed value of the property. If the appraisal results in a higher value than the previous assessment, the property taxes may increase. Conversely, if the appraisal shows a lower value, the property taxes may decrease.
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.
