Should I Pay For An Appraisal To Refinance My Home?

Yes, an appraisal is the only way to determine what your home is worth if your loan is not owned by Fannie Mae or Freddie Mac eligible for Harp 2 Refinance.

Rewind the clock a couple of years, Sonoma County homeowners had very little equity many were even upside down as real estate sales were sluggish and the demand for housing was at an all-time low. Since then homeowners have accumulated more home-equity as a more exuberant economy has emerged. Jobs are starting to come back, unemployment is continuing to fall and housing demand has increased threefold. Many who didn’t have any home equity before now have a chance to get out of their high interest rate loan or arm set to adjust.

So pay for an appraisal? Yes so long as you can follow the paper plan.A good lender will want to make sure you can qualify before ordering an appraisal.

Here’s what we mean. Apply with a mortgage lender first, and provide them your supporting financial documentation for a preliminary qualification review. You don’t want to shell out good money for a home valuation and then have a problem with income later on- granted that could happen anyway, but chances mitigated doing a preliminary qualification review. Once it’s determined by the lender you will qualify, then it would make sense to pay for an appraisal and move forward in the loan process. Expect an appraisal to be approximately $450-$475 with most lenders for primary homes. Expect upwards of $650 for investment property mortgages.

Considering mortgaging a primary home? How about an investment property or second home? Whichever it is, start today by getting a complementary mortgage rate quote.


Can you get a mortgage with bad credit?

Can you get a mortgage with bad credit?

Many mortgage companies along with the internet would have you believe getting a mortgage with…

Tax Forms and Tax Losses

Tax return losses may hurt your mortgage chances

Qualifying for a mortgage involves: an acceptable credit score, sufficient assets and stable income. These…

Mortgage Word Cloud Art

Why an FHA loan may be a suitable choice

 FHA loans have gotten a bad rap in the last few years. Here is the…

Strange things that will stop your mortgage

Strange things that will stop your mortgage application

  If you are trying to get a mortgage, or have tried in the past,…

View More from The Mortgage Files:


  1. […] thinking about refinancing your house, after speaking with the loan officer, pay the $450 for an appraisal. Not only is probably more than likely worth it considering home values are up, but it’s the […]

begin your mortgage journey with sonoma county mortgages

Let us make your mortgage experience easy. Trust our expertise to get you your best mortgage rate. Click below to start turning your home dreams into reality today!