If you’re refinancing your home or buying through a private sale, you may be surprised to learn you don’t actually own the appraisal, even if you paid for it. This is one of the most common misconceptions I see as a mortgage broker.

Continue reading or watch my video for more details:

Why the Lender Owns the Appraisal

When a lender orders an appraisal for mortgage financing, they’re the intended user of that report. Even though you may cover the cost, the appraisal is legally tied to the lender, not to you. On the first page of the report, it will clearly state the intended user and purpose. That’s what makes it valid for the mortgage transaction.

Why This Matters

Appraisers need to protect themselves from liability. If a homeowner were to use the report outside of its original purpose, or share it with someone else, it could lead to legal issues. That’s why the rules around ownership and use are so strict.

The Bottom Line

Appraisals are an important part of getting your mortgage approved, but they’re not something you get to keep. In many mortgage scenarios, you won’t see the full report unless the lender agrees to share it, and you usually can’t reuse it with another lender.

If you have questions about how this works, please reach out. I’m happy to help.

Whether you are preparing to buy your first home or thinking about making a move, if you’re looking to get pre-approved for a mortgage in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.