Depending on the LTV, or Loan To Value, and size of your loan, the lender has requirements regarding the evaluation of your home. It may be necessary to obtain an appraisal of your property in order to close your loan.
If an appraisal is needed, your loan officer
will coordinate the appointment with the appraiser. If you are
purchasing a home it may be possible to have the seller pay for the appraisal
cost. If you are refinancing you should be prepared to pay for this
expense yourself. Appraisal costs are typically between
$250-450.
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