Appraisal for Mortgage Appication

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Part of the video series: How to Obtain a Mortgage

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Summary: Appraisals are an important part of the mortgage process. Learn how lenders use an appraisal in this free personal finance video from a loan officer and mortgage closing specialist.

Views: 613 | Tags: real, estate, bank, interest, loans, mortgages, loan, officer

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About the Expert

Sherry Berrier Sherry Berrier worked for major banks such as Bank of America for seven years as a loan officer specializing in mortgages. She has since opened her own mortg... read more

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Video Transcript

Appraisal for Mortgage Appication

Appraisals are an important part of the mortgage process. Appraisals help determine whether or not the collateral is sufficient enough for the loan. Some lenders may request that appraisals be paid upfront. An average appraisal fee is $300. The reason lenders do this is because borrowers will place an application, the appraisal is done on the property, and they'll decide not to go through with the loan. Lenders don't want to have to pay this fee to the appraiser, especially when they don't end up obtaining the loan. Some lenders will give a complimentary appraisal or they'll place it on the HUD Statement which can be charged at closing. To determine a value, or an appraisal, sometimes lenders can go online to get property evaluations. Sometimes they send an appraiser in person, this is called a "full appraisal". Full appraisals are scheduled with the seller, and the borrower will simply be notified of the value after the fact.