Appraisal Deposit

This fee covers the appraisal cost, you will NOT be charged upfront for the appraisal deposit when you input you card details. Once the Loan Estimate is accepted, & you uploaded your documents, an underwriter will give a conditional approval subject to: a full appraisal, an appraisal waver or a hybrid appraisal (limited appraisal conducted by the appraisal company, then you will be notified if there is a necessity to order an appraisal. Average cost for an appraisal is approximately $700.

Key Aspects of Appraisal Deposit:

  • Initial Disclosure/Loan Estimate: Appraisal fees appear under "Services You Cannot Shop For" on the Loan Estimate.

  • Reimbursement: Lenders may charge a reasonable fee to cover the appraisal cost, which is usually paid upfront but listed on the final disclosure.

  • Final Statement: The Closing Disclosure details the total cash to close, including any prepaid appraisal fees.

  • Copy of Appraisal: Per CFPB guidelines, creditors must provide a copy of all appraisals used.