The Appraisal Report / I am using a mortgage to purchase the property.

If you are taking a mortgage loan to purchase or refinance a property, then your lender will insist that you have an appraisal done. What’s more, you will have to pay for it, not the lender. The lender is going to provide you the funds to purchase based on what the appraisal has to say about the property value; it is important that they do not lend you more than is allowed under the mortgage program you are using. So, in order for the lender to accept your collateral, they need an objective appraisal to be assured that they are making a prudent loan.