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I have been hearing there are allot of scams out there

How do I not pay up front for appraisals ect till the close of the refi.

I would like to not get scammed for the appraisal fee.
  • June 12 2012 - Northwest
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Answers (2)

I don't get the scam? If the loan doesn't complete the appraiser gets paid his fee. The customer wastes their time and money, the lender wastes their time and resources. Is the scam that lenders are trying very hard to to process applications so they can help appraisers earn fees for their services? If you are worried about paying out of pocket, ask your lender to conditionally approve your loan through formal underwriting before ordering an appraisal.
  • June 12 2012
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You don't refi. Then you won't have to pay for an appraisal fee upfront.

Appraisers are hired to do a job and therefore want to be paid for doing their job. (regardless of whether or not the homeowner agrees with the value given to their property) If the borrowers did not have to pay for the appraisal fees upfront, then most would not agree to pay for it later on if their appraisal came in too low.   Are there dishonest mortgage companies that still exist?   Yes.   Are there dishonest consumers who would refuse to pay the appraisal fee? Absolutley! 

Your only recourse is to do your homework and investigate the mortgage company you are interested in working with. Ask for referrals from friends or coworkers who have already refied. Most importantly, research values in your neighborhood to get an idea what homes are actually selling for before you have the appraisal done.   This website (Zillow) can help you figure that out.
  • June 12 2012
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