• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

What’s happening with home appraisals

June 4, 2021 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
what to know about home loan appraisals right ow

When you go to purchase or refinance a home you need to get an appraisal. More often than not you usually will be based on the type of transaction that you’re doing. Here is the reality of today’s world with regards to appraisals and what you should expect when you’re buying or refinancing a home…

In most markets, throughout the United States, most appraisers are impacted. Interest rates are still remarkably low continuing to fuel demand for housing both on the refinancing side and on the home buying side. Appraisers are inundated with new requests for orders.  This increased demand with a relatively short supply of resources has created a situation where appraisers are full, and the cost of appraisals and the turn-times are rising. Gone are the days where you can get an appraisal for $450 and write a check directly to the appraiser. Here’s how the process works not with all, but with most mortgage companies in conjunction with getting a home loan for use in a mortgage transaction. Generally speaking, you have to sign some sort of electronic disclosure with the lender of your choice. Some lenders charge an application fee, some charge a lock deposit fee, which will vary from lender by lender.

A good lender will not charge such a fee. It’s very possible when the lender orders the appraisal, it is bid on the market with the appraisal management company, the appraisal cost could come back at $700 or $800. If you dig your heels in that’s going to come at the expense of time.  If you have its rate lock on your mortgage, you need to be aware that you may pay more for the same locked rate or more for the appraisal.

So as a result some families are discovering that appraisal costs are more than expected which seems like a bait and switch, but it’s not because most mortgage companies have a 3rd party appraisal companies they use. As a result, the appraisal management company may charge a rush fee to be supportive of meeting a loan contingency date and an appraisal contingency date for a purchased contract. This is something you need to be mindful of.

The average cost for the appraisal depending on the type of property and the occupancy of the property can range anywhere these days between $500- $1000 for an appraisal. Obviously, if that means looking at the mortgage numbers with a finer tooth comb. It’s a culmination of things transpiring right now in this market. This is why it’s critical to work with a lender that can accurately articulate this and to help you navigate through the process that knows what they’re doing, has their finger on the pulse of the market and what’s transpiring, and can best advise you for your transaction appropriately.

Looking to buy a home or refinance with today’s ultra-low rates? Get a no-cost quote today.

 

 

Related Mortgage Advice from Scott Sheldon

  • Comparing Mortgage Rates In Sonoma County

    What to look for in comparing mortgage rates in Sonoma County. The Federal Reserve came…

  • 2018 high balance mortgage loans
    FHFA Increases 2018 Sonoma County Loan Limits

    The Federal Housing Finance Agency just released the new 2018 national loan limits. These loan…

  • 4 common home buyer mistakes to avoid
    Why Sonoma County Housing Prices will continue to rise

    Sonoma county housing was already limited prior to the Tubs and Nuns fires. This year…

  • Lowest Sonoma County Mortgage Rates on Record!

    Yes, it's true the lowest Sonoma County mortgage rates are now on record as of…

Filed Under: Uncategorized Tagged With: BAD CREDIT MORTGAGE, home buying in Sonoma County, how to buy sonoma county real estate, refinancing my mortgage, sonoma county home buying, SONOMA COUNTY LOANS, sonoma county refinancing

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window