In most cases an appraisal is not needed. The value can be determined by the lender using an electronic evaluation. If an appraisal is needed, some lenders will pay for it, in some cases it is the clients expense. In a case where the appraisal is lower though the lender will calculate the application on the lower amount. You will still get a mortgage but it does change the calculations, so 10% downpayment might now be 8.5% downpayment. Each deal is different. Check with your Broker.

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I'm about to schedule a re-finance appraisal for my condo for the very first time,but i'm not $100% sure that i will go ahead with the whole process with that particular lender after that.can i use this appraisal and take it to other lenders to see what they offer? according to my current lender, i can use it for 30 days.is that true?

You can only use it if the other banks are willing to accept it, very very few of them will.

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I recently had my property appraised,but my lender refuses to give a copy of that appraisal report.can they do that or are they required by law to give me a copy?

The appraisal usually goes to the bank. The Loan Officer will tell you what the value came in at. This is the most important part of the appraisal. As long as it appraises at the purchase price or above you are in good shape to close on the house.

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If you paid for it then it is yours. If they paid for it then it is theirs. I believe that an FHA appraisal is registered to the house and if you sell within six months you have to use that FHA appraisal, but a conventional appraisal does not have to be used so if you want to pay for a second one you will get a second opinion.

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to clarify, i got a low appraisal on my property and i want to reapply with another lender who would use another appraiser. i was wondering if the new appraiser would have access to that previous appraisal report. thanks.

No they are not given to the other bank,, You paid for the report. it belongs to you.. If you go to another bank, you can get a new report and give it to them.. My sister did this many times... Her Good friend did apprasals and had her property valued double what it was worth...every few years she would get a new loan for vacation and raise the appraisal to cover the money wanted.

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We had an appraisal done for a refinance. the lender that we are working with gave us numbers that were decent contingent upon the house coming up a certain price. the appraisal came out much higher than what we expected. great for us. now the lender changed all the numbers to our disadvantage. although we locked in the rate, they raised our loan amount saying that there were things they forgot to put on the initial application that we have to pay for. we want to go with another lender. our appraisal is noly a few days old. can we use that appraisal with the other lender since we already paid for it?

It is unlikely that the new lender will accept the previous appraisal. I know that sounds stupid and it is, but MOST lenders want to order their own appraisal from their pool of appraisers. With that being said, it doesn't hurt to ask, but be prepared to hear no. Let the first lender know that you are going to shop around since they cannot stick to the original figures and see if they revert back to the previous terms.

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I want to refinance and i don't qualify for home affordable because i'm not fannie/freddie backed. i'm definitely high ltv but the estimate on cyberhomes and zillow is an almost 50k swing! they're nowhere near each other. the high estimate puts me right at 95% ltv so it's the difference between whether i can refi or not. i'm willing to pay-to-play to get an out-of-pocket mortgage appraisal. so my question is, will lenders accept this appraisal if this person is certified in my state? or are they picky and only required to work with people in their circle? thanks for the info so far. i have heard about the fha 95% cap that supposedly is available. i suppose the reason i want to do my own appraisal is so i don't get started with the whole process and then have the appraisal not be good and tank the whole process. landlord, i am only seeking to determine if the appraisal will allow me to refinance so i don't waste everybody's time, including mine. that's all!

Why are you so sure that paying would effect the appraisal? Fraud like this is exactly why they will not accept an outside appraisal. Use Zillow and Cyberhomes for ENTERTAINMENT only!! They are not even close to being accurate.

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The first lender who ordered the appraisal came back with ungodly fees and interest rates. i would like to shop around for a better loan. now other lenders want an appraisal as well. the appraiser says that i do not have rights to the appraisal that i paid for. is he correct?

The client of the appraisal is the lender. You are entitled to a copy but it is not yours. The lender ordered a copy of the appraisal for the purposes of financing that you pay for. The lender should send you a copy though; the appraiser will not give you a copy because you are not their client.

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We paid for a home appraisal for another lender and now we want to check our options. can we use the same appraisal we already paid for with other lenders?

You can, but if the appraisal is over 90 days old, it is no good. Also, the previous lender has to transfer it over, which you have to request in writing. Good luck!

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I am just curious what i can do to improve the appraisal my lender is ordering on the property. i don't think its an issue either way, but the home has not been lived in for 2.5 years. there is no landscaping, but everything is well kept more or less. as the buyer who doesn't own the house, i am not sure if i can do anything to improve the appraisal.

There is nothing you can do as a buyer or seller to change the appraisal amount . The appraiser comes up with a figure and s/he is very unlikely (generally never) to change that appraisal amount unless there's something significant that s/he has missed/overlooked. So no, there's nothing you can do.