Appraisal Cost Higher for Investment Loans?
I am purchasing a property with a conventional investment loan and the lender is giving me a price of $795 for the appraisal, stating that "appraisals cost more for investment loans". Is this true? Why should an appraisal cost more for an investment loan? I did a web search and can't find anything about this idea that it should cost more for investments. I am used to paying about $400 for an appraisal so I'm a bit frustrated. Can anyone provide insight on this?