ARIVS APPRAISAL

The appraisal fee is a charge assessed by the lender to cover the cost of having the home's value estimated by a professional appraiser. lenders require appraisals on homes being purchased with a mortgage in order to ensure that they aren't lending more money than the home is worth. For this reason, appraisal fees are typically paid by the borrower at the time of closing. However, in some cases, the seller may agree to pay this fee as part of negotiated concessions. If you're unsure who is responsible for paying the fee, be sure to ask your real estate agent or loan officer.