Mortgage Appraisal Cost
Can a mortgage company charge me more for an appraisal than it cost them?
I was required to pay my lender $495 up front (credit card) for an appraisal of the house I’m purchasing. The lender than shows me the appraisal which include the invoice that showed a charge of $395 for the appraisal, paid by the lender.
Am I entitled to that $100 difference? Are they under anything that would legally require them to pay me back the difference?
Thanks
Thanks for your answers. Let me fully lay out what happened.
GFE stated $495 (POC) to company X for appraisal fee. I was to pay the lender to pay this fee on my behalf.
When my appraisal was done, the lender sent a copy of it to me, which showed an invoice that they were only billed $395 for the appraisal.
This is an FHA loan.
Absolutely not! It is a violation of RESPA to charge more than the actual cost for appraisals, credit reports, etc. Anything above an beyond that should be included in the lender’s origination charges. Nothing irks me more than loan officers using tactics like this to squeeze every dime possible out of the transaction.
Now, if there are charges that will be required down the line, like a final inspection that will cost $100 that is simply being collected up front, then that is different. Is this an FHA loan or a Conforming loan?
You should confront this loan officer about the charge, and if you get a BS answer like “that’s our standard charge”, run for the hills!
If your loan officer is trying to pull the wool over your eyes, email me to discuss your situation, and I’d be happy to prepare a Good Faith Estimate for you.
Kenyans to buy low cost houses through mortgage
American International Group, Inc. Selects CB Richard Ellis Group, Inc. to Provide Facilities and Project Management …
LOS ANGELES–(BUSINESS WIRE)–AIG Selects CB Richard Ellis Group, Inc. to Provide Facilities and Project Management Services
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Cost. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Cost
My house recently went into escrow that was supposed to last 60 days. One week before closing we were notified?
My house recently went into escrow that was supposed to last 60 days. One week before closing we were notified by the real estate agent that the house did not appraise for the amount agreed upon in the sales contract. The buyers are refusing to obtain another mortgage company or another appraisal at my cost. Do they forfeit their 2500.00 that is in escrow to me, or is it a technicality and they get their money back?
It depends but you can ask an escrow agent to solve your problem and it will be solved