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Key Highlights
The Benefits
Faster Closings
Skip the appraisal appointment.
Lower Upfront Costs
Eliminate the appraisal fee.
Simplified Process
Fewer steps before closing.
What's Required
Eligible Loan Program
Not all loans qualify.
Property Eligibility
The home must qualify.
Automated Approval
Lender approval is required.
The Ins & Outs
How it Works
An Appraisal Waiver, also known as a Property Inspection Waiver (PIW), allows eligible homebuyers to purchase or refinance a home without a traditional appraisal. Instead, the lender uses available property data and automated valuation tools to determine eligibility.
Not every property or loan qualifies, but when available, an appraisal waiver can simplify the mortgage process, reduce costs, and help you close faster.
Example Scenario
A borrower is purchasing a home with strong comparable sales in the area. The automated underwriting system approves a Property Inspection Waiver, allowing them to move forward without ordering a traditional appraisal.
What is an Appraisal Waiver?
An Appraisal Waiver allows eligible borrowers to purchase or refinance a home without a traditional property appraisal.
Who qualifies for an Appraisal Waiver?
Eligibility is determined by the lender's automated underwriting system, loan program, property type, and other qualifying factors.
Do all homes qualify?
No. Not every property or transaction is eligible for an Appraisal Waiver.
Will I save money?
Yes. Eligible borrowers typically avoid the cost of a traditional appraisal.
Does skipping the appraisal affect my loan?
No. If your loan receives an approved Appraisal Waiver, you can proceed without a traditional appraisal while meeting the lender's requirements.
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