When you buy a single-family home, condominium, or multi-unit dwelling in Massachusetts your mortgage lender will want to know whether the home you are buying is worth the amount of money you have agreed to pay the seller. To determine a home's value, lenders require a real estate appraisal, sometimes referred to as a home appraisal. Most lenders will collect the cost of the appraisal from the homebuyer upfront. Even if the appraiser's fee isn't collected from you beforehand, the cost will be passed on to you as a closing cost for most loan programs. Learn more.
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