Is a home appraisal necessary with your mortgage loan?
Part of your mortgage loan application will include an appraisal on the home you are buying. An appraisal can cost between $300 – 400.
Your lender will approve and fund your loan when they establish that the home is worth the loan amount. An appraisal is an estimate of the current market value of a home.
Appraisers use comparable sales and listing data as well as information about the home, the neighborhood, community, and local and national economy to support the value estimate.
You are entitled to a copy of the appraisal, so be sure to ask your lender for a copy.