Mortgage Refinancing – How to Save Money on Your Appraisal Fees

by Louie Latour

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.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: “Mortgage Refinancing – What You Need to Know,” which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Home Appraisal Fee

Article Source: http://EzineArticles.com/?expert=Louie_Latour

[tags] Mortgage Refinancing, Appraisal Fees[/tags]

Related posts:

1. Mortgage Refinancing – Why Do You Have To Pay Fees
2. Mortgage Refinancing – What Types of Closing Costs Should You Expect
3. Mortgage Refinancing – Should You Pay Discount Points
4. Mortgage Refinancing – When Is The Best Time To Get An Interest Rate Quote

This entry was posted on Saturday, March 31st, 2007 at 7:33 pm and is filed under Mortgage Refinancing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.