Full appraisal
Most refinances use a full appraisal by a licensed or certified appraiser who inspects the property and compares recent sales. The appraisal fee appears in Section B of the Loan Estimate.
Appraisal waivers
For some conventional loans, Fannie Mae or Freddie Mac may offer to accept the lender's value without an appraisal, based on data in their systems. Eligibility depends on loan type, loan-to-value and property details. A waiver saves time and the appraisal fee, but you lose an independent valuation.
The ways lenders establish value on a refinance and how each affects cost and timing.
Hybrid and desktop options
Agencies also permit alternatives in certain cases, such as a property data collection by a trained person combined with a desktop appraisal. Availability varies.
Streamline programs
FHA, VA and USDA streamline refinances often do not require a new appraisal. The trade-off is limits on cash out and on the costs that can be financed.
Your right to a copy
Under the Equal Credit Opportunity Act, lenders must give you a copy of appraisals and other written valuations promptly upon completion, or at least three business days before closing, whichever is earlier.
If the value is low
Review the report for errors and ask your lender about a reconsideration of value with supporting sales data.
Sources
Sources checked 10/23/2026. General education only; confirm current rules with official sources and a licensed lender.