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Do lenders choose the property appraiser?

April 26, 2017appraiser lenders Property

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Do lenders choose the property appraiser?

1 Answer

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10 Posted

Most lenders require a professional appraisal to determine the current market value of a property before they approve a mortgage loan. Since the property you are financing is collateral for the loan, the bank or other lender won’t want to loan more than that property is worth. Usually, the lender will commission the appraisal, which you are entitled to see. Keep in mind that lenders and broker’s agents are not allowed to “up charge” for third party services.