The written assessment of the Market Value of the home. The appraiser usually works full time for the lender, but can be an outside consultant. In either case, you typically pay an Appraisal Fee as a borrower Closing Cost, but you don t always automatically get a copy of the Appraisal apparently because there s a fear you ll use it to press for a revision. Ask for it. The law now guarantees you can have it, if you pay for it, but the tradition of not giving it dies hard.
Appraisers make mistakes, just like anybody else.
We ve seen appraisers reconsider which comparables to select or even admit they missed an entire section of the house being appraised. Appreciation when the Market Value of your home goes up. Reasons for Appreciation include work you might do to improve your home s condition, changes in the neighborhood, or a rising economy, which affects all home prices. APR Acronym for the Annual Percentage Rate. The APR formula takes the basic Interest Rate and adds in the lender s Closing Costs .