Question by Trent N: Mortgage People, I have a question about Refinancing?
My loan officer is insisting I have to pay the appraisal fee of $ 450, even though I decided not to go through with the loan. Is this true?
Best answer:
Answer by breaktherake
Yes, unless he told you otherwise up front. Typically, loan officers will have the potential borrowers pay for the appraisal at the time it is done so that it’s not an issue if you decide against the refinance. The appraiser expects to get paid regardless and it’s not fair that the LO would have to pay that.
What do you think? Answer below!
The key is whether an appraisal was done. If the loan was cancelled before the appraisal was done, you don’t owe any money. To protect himself, the loan officer was supposed to get the appraisal check from you. If you don’t pay, the loan officer will have to pay the money. Otherwise the appraiser will never work for him again.
See if the appraiser will accept $ 200 cash.