Do I need to get an appraisal?

If you are getting a new mortgage on the house then yes you will need to have an appraisal done. The lender who is issuing your mortgage will want to know the market value of the house that you are buying and an appraisal is the tool that is used to determine market value. An appraisal usually costs between $300-$450 and many lenders will ask for this cost to be paid before the appraisal is completed.

Posted in: Buyer FAQ