That's interesting, but honestly, I've found appraisal fees to be one of the least flexible parts of refinancing. Maybe it depends on the lender or even the region you're in? When I refinanced last year, I tried exactly that—mentioned another offer and politely asked if they could match or lower the appraisal fee. They didn't budge at all, said it was a fixed third-party cost they couldn't control. I even called around to a few other lenders, and most of them gave me similar answers.
I think sometimes lenders might have promotional flexibility or internal incentives to waive or reduce fees, but from what I've seen, appraisal fees are usually pretty locked in. Maybe you just got lucky with timing or caught someone on a good day... Either way, it's definitely worth asking, but I'd caution against expecting too much wiggle room there.
"I think sometimes lenders might have promotional flexibility or internal incentives to waive or reduce fees, but from what I've seen, appraisal fees are usually pretty locked in."
Yeah, that's been my experience too. Appraisal fees seem pretty standardized because they're usually outsourced to third-party appraisal companies. Lenders don't have much say there, unfortunately. One thing I've noticed though—if you're refinancing with the same lender who holds your current mortgage, sometimes they'll waive or discount certain fees as a loyalty incentive. Not always the appraisal fee specifically, but maybe processing or underwriting costs.
Another angle worth considering is appraisal waivers. Depending on your home's equity and recent market activity in your area, some lenders can skip the appraisal altogether. I had this happen once when refinancing a property that had appreciated significantly since purchase. Saved me a few hundred bucks and sped up the process quite a bit.
Has anyone here successfully gotten an appraisal waiver recently? Curious how common that's becoming these days...
I wish I'd known about appraisal waivers before I bought my first place last year. I remember being so excited about finally getting approved, then BAM—hit with that appraisal fee. Felt like paying a cover charge after already being invited to the party, lol.
But yeah, from what I've seen too, appraisal fees seem pretty set in stone. My lender was cool enough to waive some minor processing fees, but the appraisal? Nope, had to pay every penny. I did hear from a friend though that when they refinanced recently, their lender skipped the appraisal entirely because their neighborhood values had gone way up. Lucky ducks saved a few hundred bucks and didn't have to stress-clean their house for the appraiser visit... jealous.
Anyway, good to know there's hope for next time around. Maybe by then I'll have enough equity built up to dodge that bullet. Fingers crossed.
"Lucky ducks saved a few hundred bucks and didn't have to stress-clean their house for the appraiser visit... jealous."
Haha, totally relate to the stress-cleaning part—been there, done that. Appraisal waivers are definitely handy, but keep in mind they're not always guaranteed. Usually, lenders rely on automated valuation models (AVMs) to decide if they can skip the appraisal. If your home's in a neighborhood with plenty of recent sales data and rising values, your odds improve significantly. Fingers crossed your equity builds up nicely for next time around... less cleaning, more saving.
"Lucky ducks saved a few hundred bucks and didn't have to stress-clean their house for the appraiser visit... jealous."
Haha, I feel this on a personal level. Last time we had an appraisal, I swear I spent more time scrubbing baseboards and hiding clutter than actually worrying about the numbers. 😂
Anyway, appraisal waivers are pretty sweet if you can snag one. But for anyone wondering how to boost your chances, here's what I've noticed from experience:
First, lenders use automated valuation models (AVMs), like mentioned earlier, to quickly estimate your home's value. AVMs pull recent sales data from similar homes nearby to see if your home's value lines up with the neighborhood. So, if your area has plenty of recent, comparable home sales, you're in luck—your odds of getting an appraisal waiver go way up.
Second, equity matters—a lot. Generally speaking, the more equity you have built up, the more comfortable lenders feel skipping the appraisal step. If you're refinancing and you've owned the home for a while, or if local property values have jumped significantly since you bought, lenders might feel confident enough to waive the appraisal altogether.
Third, the loan type and purpose can affect your chances. Conventional loans tend to offer appraisal waivers more often than FHA or VA loans, and straightforward refinances (like rate-and-term) usually have better odds than cash-out refinances or purchases.
But here's a small catch—just because you qualify once doesn't mean you always will. Market conditions shift, lender guidelines change, and even small differences in your loan scenario can alter the outcome. It's not a guarantee, more like a nice bonus if everything aligns just right.
And honestly, even if you don't get a waiver, it's not the end of the world. Appraisals can actually be pretty helpful, giving you an unbiased snapshot of your home's value. Plus, it forces you into that deep-clean that you've probably been putting off anyway... silver linings, right? 😅
