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What is an appraisal and how much does it cost?
In most mortgage processes, an appraisal is needed to determine the fair market value of a home. Appraisals are arranged by the buyer and are performed utilizing a third-party real estate appraiser. An appraisal generally happens after an offer has been made and the home has been inspected.
Since appraisals are an important step in the mortgage process, and come with a cost, we have developed this promotion to provide the opportunity to assist in paying for the appraisal fee.
The average single-family home appraisal costs $348 with most people spending between $312 and $419. Multifamily homes have the potential to cost $600 to $1,500.(1) Multiple factors play into the cost, including your location, condition and size of your home and how detailed you would like the appraisal to be.(1)
Appraisals are beneficial for everyone involved in the home buying process: For buyers, a home appraisal ensures they are paying the current fair market value. For sellers, an appraisal helps them price their home competitively.(2) For mortgage lenders, an appraisal provides proof that a home is valued at the proper level to approve a mortgage.(2)
For more information about our current mortgage promotion, fill out the form above and an HFCU representative will contact your shortly.
*The amount up to $1,000 will be granted in a form of a credit on your final closing disclosure. Rates, terms and conditions are subject to change without notice. All loans are subject to credit approval. This is a limited time offer that may be withdrawn at any time. New money only.
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