If you’re financing your new home, you need to stay on top of your lender’s requests for documents related to your mortgage and update or submit them quickly.
One of these documents is the mortgage or loan appraisal report. Your lender will require a mortgage appraisal to learn about your home’s fair market value before it signs off on your mortgage for the amount you and the seller have agreed upon. Essentially, the lender doesn’t want to risk giving you more than the home or property is worth. If the appraisal comes in lower than the sales price you have agreed upon, you may need to come up with additional money, above and beyond, your down payment to close the deal.
Your lender will most likely appoint an appraiser for you. However, you’ll get the bill for it or it will be included in the closing statement; the appraisal cost will be one of the costs you pay at closing.
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