It can be off-putting knowing that you can’t get your money back and leaves many wondering if they need to have an appraisal or if they can skip the cost entirely. Unfortunately, most lenders require you to have an appraisal when purchasing or refinancing your mortgage. Before accepting you, allowing you to close or purchase the property, they will ask for an appraisal to be undertaken to determine the true value of the property. However, there are ways around this. Some schemes, such as the FHA streamline, USDA streamline loans, or VA interest rate reduction finance loan, do not require appraisals. In these cases, you will meet their set criteria and be able to proceed with your mortgage or refinancing it without the need for an appraisal. While that can save you some money, it’s worth noting that there can be other costs you might need to consider when applying for these loans.  Be sure to read the fine print of these loans before proceeding to ensure that they are the right fit for you! You also don’t need an appraisal if you are purchasing the property in full without a loan. Cash buyers do not need an appraisal as they are footing the bill themselves and can proceed without the inspection taking place. However, it can be worth still having an appraisal to check that you aren’t paying more for the property than you should. This decision is a personal one and one only you can make.