FAQ

Appraisals

10 questions

Why do I need an appraisal?

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How much money you can borrow is in part determined by the value of the collateral provided, which is your home. An appraisal is needed to determine the value of your home.

Can I use or transfer a recent appraisal?

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Unfortunately, no. When applying for a new mortgage it is always the lender that must order the appraisal report, and we do not accept appraisal transfers from other mortgage transactions.

I know an appraiser. Can he or she complete my appraisal report?

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Unfortunately, no. The lender must choose the appraiser. In the event the appraiser selected by the lender is an appraiser that you know, that appraiser must disclose the nature of your relationship in the appraisal report.

How long does an appraisal inspection take?

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The appraisal inspection takes approximately 10 minutes per 1,000 square feet. Therefore a 2,000 square foot home will take approximately 20 minutes to inspect.

What is the difference between a home inspection and an appraisal?

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An appraisal provides an estimate of value. A home inspection comments on the structural soundness of your home and the components within it, such as the furnace and water heater.