An appraisal is an opinion of value based on market data from your neighborhood.
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.
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.
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.
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.
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.