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dlaramie · Joined: 08 Jul 2009 Posts: 1 1.28 Dollars($)

I'm dealing with a mortgage company and he ask me for an appraisal fee on top of closing costs -- is this customary??

savior70 · Posted: Wed Jul 08, 2009 6:41 am Post subject:

Hi

Appraisal fees are often included in the closing costs. You do not need to pay fees for the appraisal if it is included in the closing costs. Refer to the good faith estimate provided by the lender. If the appraisal fees are included in the closing costs, you ought not to pay any the fees separately.

jnoa · Posted: Wed Jul 08, 2009 12:50 pm Post subject: yes

Typically that is the case, if you are doing a refinance, you cash out the amount of the appraisal to get the money back you paid at the beginning.

gmakerley · Posted: Thu Jul 09, 2009 10:09 am Post subject:

with the new rules in place regarding how appraisals are done, lenders are asking for up-front payment of the appraisal fee. when you get to closing, you will note that the fee is shown on your closing documents as "poc" which means "paid outside closing." it is, indeed, part of your closing costs, but collecting it upfront is the way virtually everyone is going. it's not like you will get double-billed.

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Am I supposed to pay out of pocket for appraisal fee on top of closing costs??