Can I choose my own appraiser for my mortgage loan?

Unfortunately no, lenders are under very tight scrutiny as our real estate appraisers to make sure there is no outside influence to inflate a property value for the purposes of securing a mortgage. The mortgage company you select a higher for financing is required to choose from a panel of appraisers, from there, they contact you directly to set up an inspection date.  It doesn’t matter whether you’re buying a home or refinancing a property you already own, the process works in the same fashion.

How The Process Works

Consumer provides a credit card to the mortgage company, lender in turn provides this information to the appraisal company to charge in accordance with setting up the appraisal. The order is placed through the lender’s billing system and the order is set up to bid.

Once a local appraiser accepts the order, they receive the contact information for the borrower and they subsequently contact that person to set up an inspection date. No longer can you write the appraiser check directly to an appraiser.  In some occurrences when purchasing a home the appraiser might be instructed to contact either the buyer’s agent or the listing agent depending on preferences. However, appraiser is under no obligation to contact the agent to inspect the property especially the property has an MLS lockbox key.

Plan on approximately $450 for a home appraisal.

Want to  start a new mortgage loan with a guaranteed local appraiser? Contact today!




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