Is there a standard appraisal fee?
No. We looked for a figure from the CFPB, Fannie Mae, Freddie Mac and HUD, and none publishes a national typical cost for a residential appraisal, so we don't quote one. The actual fee for your loan is listed on your Loan Estimate, which the lender must give you within three business days of your application. Compare it across lenders.
What drives the cost of a residential appraisal
- Location and demand. Fees follow local labor markets, and busy seasons can raise prices and stretch turnaround times.
- Size and complexity. A large, unusual or high-value home takes longer to measure and compare.
- Comparable sales. In rural areas or for unique homes, the appraiser may have to search farther for comparables and explain the choice, which takes more time.
- Number of units. A two- to four-unit property needs rental data as well as sales data.
- Loan program. FHA and VA appraisals also check the home against those programs' property requirements. VA appraisals produce a Notice of Value that can list required repairs.
- Report type. A full interior and exterior appraisal costs more than a desktop or exterior-only valuation, where the lender allows one.
- Updates and re-inspections. If repairs are required, a final inspection to confirm them is usually a separate charge. An appraisal update (needed for a Fannie Mae loan when the appraisal is more than four months old) is also extra.
Who pays for the appraisal?
For a purchase or refinance, the lender orders the appraisal and may require you to pay for it. On VA loans, the VA Buyer's Guide says the lender requests the appraisal and you pay for it at that time. Sellers can agree to cover it as part of a closing cost credit, within the buyer's loan limits.
Is the appraisal part of closing costs?
Yes. The CFPB lists appraisal fees among common closing costs. Sometimes you pay it upfront when it's ordered rather than at the closing table, but it's still part of the cost of getting your loan. Appraisal fees are excluded from the finance charge used to calculate APR, as long as they're bona fide and reasonable. Add it to your estimate with the closing cost calculator.
Your right to a copy
For a loan secured by a first lien on a home, you're entitled to copies of appraisals and other valuations your lender gets, soon after they're completed and no later than three days before closing. You can't be charged for the copies themselves.
Can I get my money back if the deal falls through?
Usually not, because the appraiser has already done the work. Ask your lender before it's ordered when the fee is charged and whether it's refundable. If a HELOC application is denied, the CFPB notes the application fee might not be refunded. If you cancel a HELOC within three days of opening it, the lender must return the application and appraisal fees.
Ways to keep the cost down
- Compare the appraisal fee on several Loan Estimates.
- Ask whether the lender can use a less intensive valuation for your loan.
- Have repairs done before the appraisal to avoid a re-inspection fee.
- Close within four months of the appraisal's effective date on a Fannie Mae loan to avoid an update.
Learn what the appraiser checks in what a home appraisal is.
Sources: CFPB: what is an appraisal?; CFPB: closing costs; CFPB: Loan Estimate; 12 CFR 1026.4; VA Home Loan Buyer's Guide; CFPB HELOC booklet; Fannie Mae B4-1.2-04.
Every worked example on this page was checked with Calcist's own engine and an independent reference.