Home Appraisal Process
Why should you get a home appraisal?
To break it down, the property you want to purchase or refinance is collateral for the loan you are seeking. During the loan process, your lender must receive an independent, professional appraisal of its value.
Scheduling an appraisal upfront can help speed up the loan process by days or weeks.
What Does an Appraiser Do?
The appraiser’s job is simple. They must form an opinion of the property’s value based on its condition. Some other factors taken into consideration include its proximity to schools and the value of similar homes bought and sold in the market.
An appraiser then issues an appraisal report to the lender, and in most cases you also receive a copy.
How Much Does a Home Appraisal Cost?
On average, a home appraisal costs between $300 and $450, depending on the type of appraisal required. It is a required part of the loan process 90% of the time, whether you are buying or refinancing. This is the only expense a borrower can expect to pay directly and upfront.