So, when an appraisal is waived, or not needed, it is the bank essentially saying, “we’re going to accept the value as you have put it on the application.” That’s part of our job. When are appraisals not needed?Īppraisals are documenting for the bank what the collateral, the home, is worth. What exactly is an appraisal waiver?Īn appraisal waiver means you don’t need an appraisal. About 20% of loans today are receiving appraisal waivers in the underwriting process. If you’re getting a conventional loan on a refinance or purchase, you might not need to get an appraisal done on your home. In this episode, we talked about appraisal waivers.
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