How much does an apprasial cost?

B

The cost of an appraisal varies based on property type and location and must be reasonable and customary for the area. The fee for a single-family, primary residence on a typical suburban lot will be less than a 3-unit multi-family investment property with rental income, or a large property with several outbuildings on acreage. Since the appraisal is provided by a third party that the borrower cannot select, the appraisal fee is considered a “zero tolerance” fee that cannot change after an official Loan Estimate (LE) is issued. For this reason, and since the exact and final amount of the fee can change throughout the process, many lenders overestimate the amount of the appraisal fee on the initial Loan Estimate. Under no circumstance can the lender collect more than the actual fee at closing.