If i switch lenders does appraisal have to be redone?

Each lender will have their own policy for appraisals ordered on Conventional loans but as for government loan the appraisal should not have to be redone.

Joseph Afonso provides a good answer to your question. With a government loan such as an FHA or a VA loan you must request the loan be officially transferred over to the new lender and as a consequence they are entitled to get the appraisal for the loan as well. Standard fannie mae or freddie mac loans, the bulk of conforming or high balance loans, tend to be a matter up to he lender. Most lenders will want a new appraisal ordered, though there was the original intent of regulations to allow for transfer of appraisals. There are specific requirements by individual lenders that make it difficult to do so in most cases. Sometimes we have picked up the cost of the appraisal if we have not been able to get it transferred to us.

It depends on the lender and the lending program. Typically, for FHA and VA, those appraisal will move with the case number that assigned to it.. but the lender will need changes done to the appraisal, which the appraiser can charge a fee for.. for conventional loans, it's really up to each lender.. although most lenders do allow for transferred appraisal, the process is very cumbersome and time consuming.. so it' s usually best just to have it redone.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com