Real Estate and Home Mortgages - Appraisal fee for home refinance.

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Darryl
04-22-09, 04:46 PM
Hello,

I purchased a town house in September 2008. My rate was 6.75%. I am refinancing to a new 5% rate for 30 years.

My question is should I have to pay another $400 for a new appraisal fee just 7 months after the purchase of the home?

Thanks,

Darryl

Gunguy45
04-22-09, 04:55 PM
Yep, its part of the process. A lot could have been done in 7 months.
DaveC72
04-22-09, 05:06 PM
Hopefully the appraiser doesnt report back to the bank that the current value of your home is now much less (dont forget, its not how much its worth "to you"/etc.. its how much the appraiser figures the bank would be able to sell the house for, if you defaulted on the loan etc).
Hopefully this ends well for you.

Darryl
04-22-09, 05:07 PM
Thanks. Just wanted to make sure.