Who is responsible for determining the value of the home for the mortgage application process?

Question

Quizplus · Accepted Answer

A real estate appraiser is responsible for determining the value of the home during the mortgage application process. They will assess the property and its condition to determine its market value. The banker and loan officer will use this information to determine the amount of the mortgage loan. A real estate agent may provide a listing price for the home, but this is not necessarily the same as the appraised value.

Who Is Responsible for Determining the Value of the Home