Financial Planning Advices » Financial Terminology » What is an Appraisal Fee?
What is an Appraisal Fee?
During an appraisal the value of your home is investigated in order for the lender to know how much the value of your home is. In order to have your home appraised you will have to pay a fee which is called an appraisal fee.
An appraisal is required by the lender so that in case the borrower defaults on the loan, the lender will be sure that they will be able to sell the property and cover the loaned money with the proceeds.
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