In most cases, lenders require a professional, independent appraisal of the property you want to buy or refinance to ensure that it is worth at least as much as they are being asked to lend on it. In the unlikely event the lender would have to foreclose, it wants to know it should be able to recoup at least the loan amount. An appraisal can cost from $300 to $500 or more for very complex properties. Since My 123 Mortgage.com does not require an application fee, the only out of pocket expense is for the appraisal which is collected by the appraiser at the time of inspection. It's as simple as that! Click here to apply. Once we contact you to review the information you entered, we will order an appraisal.

A professional, independent appraiser will visit your home and inspect its interior and exterior.  Whatever you do, do not postpone the appraisal. Delaying adds time to an already lengthy process.

The appraiser will form an opinion on the probable market value of the property considering sales of similar homes in the area, square footage, number of bedrooms among other factors. He or she will prepare an appraisal report explaining the conclusion.  Often, you can receive a copy of the appraisal either as a courtesy or in keeping with state law.