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| Property Appraisal – What is it
used for? The lender usually hires someone to do the property appraisal. You can request to hire your own, the lender still has to approve the appraiser you will be using, but if you hire your own, you may be able to negotiate a lower price. There is an appraisal fee, so rather than allowing the lender to choose the appraiser at your cost, you might as well choose him/her yourself. The appraisal amount determines your loan amount so be very careful about the appraiser you choose. Make sure this person is reputable within the industry. The cost of the mortgage loan insurance is also based off of this number.
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