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Mortgage Refinancing - How to Save Money on Your Appraisal Fees
If you
are in the process of refinancing your mortgage loan, the new lender
may require an appraisal before approving your application. A full-blown
appraisal will set you back at least $300; however, there are steps
you can take to save money. Here are several tips to help you cut your
appraisal costs when mortgage refinancing.
There are four types of home appraisals ranging from $300 to $100. Your
lender will determine which type of appraisal is necessary for approving
your loan. The type of appraisal is subject to negotiation, especially
if you have good credit. Here are the four types of home appraisals:
I. As you already know a full-blown appraisal with photographs of the
exterior and interior of your home will cost you in the neighborhood
of $300.
II. The appraisal of the exterior only including photographs
will cost you in the neighborhood of $250.
III. Drive-by appraisals will cost you around $100.
IV. Electronic appraisals, also called AVM or Automated Valuation Model
are available on the Internet using public records for less than $100.
Talk to your loan representative about the type of appraisal required
for your new mortgage and try to negotiate either to use your old appraisal
or a less expensive variety. Your credit and business are an effective
bargaining chip for negotiating over fees and terms of your new mortgage
loan.
The appraisal fee is just one third party settlement fee you will be
required to pay when refinancing your mortgage. You can learn more about
saving money when refinancing your mortgage with a free mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com
using the link below.(Author)
(Article Source)
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