Appraisal Fee?

Hi all,  In the process of buying a house in Brooklyn and the mortgage company originally quoted us $550 for an appraisal. Now the mortgage application says $750 and we’re also supposed to authorize that they can charge us $750 for it when the time comes. I called them out on this, and their response was two-fold: 1) They’re saying they need to overestimate to avoid the bank from “getting stuck with paying the difference” if it does end up higher, and 2) “The appraisal fee isn’t 100% set in stone because the cost of the appraisal can change if the value of the property is determined to be higher than what we’re estimating.  The cost goes up for higher valued properties, so we have to have a small cushion in there to protect the bank in the event that the appraised value is higher than the purchase price.” Neither answer directly addresses the fact that I chose this lender based on the rates they gave me (and they knew that).  Thoughts?

windmill

in Roofers 12 years and 6 months ago

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vthatcher | 12 years and 6 months ago

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Actually- on the 417,00 loan- the origination is .25%- due to the fact that the lender is giving a credit of .75%.    Thank you   Vanessa Thatcher

crownrenovation | 12 years and 6 months ago

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Those rate quotes above are with at least 1pt paid in origination. Those rates are not with zero points. Rates are not as low as they were weeks ago.

vthatcher | 12 years and 6 months ago

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Feel free to give me a call I can get you a great deal . I close alot on Brownstoner . Can’t hurt to shop and compare . I’m in the office 9am to 9pm .

vthatcher | 12 years and 6 months ago

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Depends on the loan size.  Under 417000 is 3.25  Under 625k is 3.375-3.50

windmill | 12 years and 6 months ago

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thanks for all these replies! It is actually a 1 family house,  And we haven’t locked in the rate yet but are seeing around 3.625.

vthatcher | 12 years and 6 months ago

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That’s right- lender utilize AMC’s- Appraisal Management Companies to out source the appraisal requests and since the use of an AMC has been implemented the appraiser and the management company has their hands in the cookie jar.  It seems like these fees just keep increasing.  What used to be a $300 fee for a single family home now varies from $375-$425. Vanessa Thatcher

Senior Loan Officer

Atlantic Home Capital

4175 Veterans Memorial Hwy

Ste 310

Ronkonkoma, NY 11779

Office: 631-687-3510 x106

Direct Fax: 631-918-5222

Cell: 631-672-4113

mortgagepro | 12 years and 6 months ago

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As Vanessa mentions,a $750 appraisal fee is more in the price range for a multi-family report, which, depending on the lender that is utilized, customarily ranges between $550 and $750\. -Adam Roberts  South Shore Mortgage  adamr@fast2fund.com

vthatcher | 12 years and 6 months ago

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How Many Families is the property? If its a 2-4 Unit- the fee of $750 is probably right. What Rate did you get?     Vanessa Thatcher Senior Loan Officer   Atlantic Home Capital 4175 Veterans Memorial Hwy Ste 310 Ronkonkoma, NY 11779   Office: 631-687-3510 x106 Direct Fax: 631-918-5222 Cell: 631-672-4113

Augustiner | 12 years and 6 months ago

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Welcome to the club, buckle up and enjoy the ride!
Don´t waste your time torturing youself about $ 200, there will be dozens of bigger occasions ahead.
You will not be able to teach them a lesson, it´s their game and they always win.