FRU News · Answers
Do I Need a Home Appraisal, or Can It Be Waived?
When a home appraisal can be waived, when it is always required, and when a lender can charge the appraisal fee on a first mortgage.
48 sec · Captions available on the player · Presented by AI-generated presenters, with every line taken from the FreeRateUpdate page it answers.
Source: FreeRateUpdate answer page, Oct. 25, 2026
Transcript
This is FreeRateUpdate News. I'm Edmund Ledger. Today: do you need a home appraisal, or can it be waived?
Sometimes it can be waived. Many home equity lines of credit use an automated value instead of an appraiser's visit.
Some first mortgages can too, when Fannie Mae's system offers what it calls value acceptance.
A VA cash-out refinance always needs a full appraisal, and so do most homes with condition problems.
On a first mortgage, the lender can't charge the appraisal fee until you've received your Loan Estimate and said you'll go ahead.
After that, the fee is generally yours to pay, whether or not the loan closes.
I'm Edmund Ledger, for FreeRateUpdate News.
What the charts show
Two on-screen tables. The first shows when an appraisal is usually waived or required: a home equity line of credit, or strong equity and credit, usually gets an automated value or waiver; Fannie Mae guideline loans get value acceptance if the system offers it; a VA cash-out refinance always needs a full appraisal. The second shows when the appraisal fee can be charged on a first mortgage: before the Loan Estimate, only a credit report fee; after the borrower receives the Loan Estimate and says they will proceed, the fee can be charged; then it is generally the borrower's to pay, whether or not the loan closes.