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Who is responsible for the appraisal cost during a refinance?

by lorne.daniel285 from Bluff, Utah. Aug 27th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

There are some loan products which don't require an appraisal such as the FHA streamline refinance, VA IRRRL, and some HARP loan products, But if an appraisal is required, then it's a cost that YOU pay for.. There are some lenders who will play with the numbers or interest rate and offer you a credit to offset your closing costs.. but make no mistake.. regardless of who pays your costs, it's YOU paying.. either by accepting a higher interest rate and getting the lender credit to offset the costs, or financing costs into your loan, or by bringing cash to the table, but regardless, it's you ultimately paying for it.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Aug 27th 2015
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Laurie Nunley (laurie@snational.com)
#98 ranked lender in Utah - 1 contribution

The borrower would be responsible for the appraisal, however it can be added intothe closing cost and paid through the loan, to avoid having to pay it out of pocket.

Aug 27th 2015
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Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions

Maybe I don't understand this question, but I am not sure who could be responsible for the appraisal except you? Even in a purchase, you are still responsible for the cost of the appraisal, even if the seller is paying some/all of your closing costs. Shoot me an email and we can talk about this some more, to make sure I understand best what you are trying to ask here. I am in the Union Park Area - jason@utahmtg.com

Aug 27th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 567 contributions

Appraisal Fees are typically always paid by the borrower. You can do a streamline if you have an FHA loan currently and doing another FHA loan. And if you have plenty of value in your home and you are doing a conventional loan you can try and get appraisal waiver if you low ball your value. Be aware though that some lenders may require an appraisal even if Fannie Mae or Freddie Mac give you an appraisal waiver. If you are trying to minimize costs then work with your lender to do a lender credit of some amount. This will raise your rate but depending on your loan amount and the payment difference, it could very well be worth it.

Aug 27th 2015
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Jason Bennett (jbennett)
#104 ranked lender in Pennsylvania - 67 contributions

typical out of pocket cost to borrower, be leary of companies offering to include the appraisal cost into the loan as they may charge more for this service due to loans that fail to close and they eat the appraisal fee...in essence you help pay the cost of lost loans. Also the cost varies slightly between which type of appraisal--conventional, va/fha, investment properties. If seeking to refi anywhere from Virginia to maine and all states in between I should be able to help you as I work for one of the larger banks in the country. contact: Jason Bennett at jabennett2@mtb.com NMLS 147890

Aug 28th 2015
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