Even though you're the one actually paying for the appraisal, your broker is the actual owner of that document, and the report will be issued in the broker's name. No lender will accept an appraisal ordered by the borrower in a mortgage transaction.

If your appraisal is older than 6 months generally you will need to obtain a new appraisal. Also, some lenders will require a new appraisal after as little as 120 days. Other lenders may accept an appraisal that is up to 12 months old.

If you are borrowing a low percentage of the value of your home (commonly know as LTV) and you have other factors that mitigate the risk of your loan, Fannie Mae's Desktop Underwriter will often approve the loan with an appraisal waiver. This means that when your loan is submitted to the lender an appraisal waiver document is submitted in lieu of a new appraisal. This can save the borrower from the expense and trouble of getting an appraisal. If you are borrowing a low percentage of your home's value (65% or less) be sure use a mortgage professional who is aware of this.

When ordering the appraisal make sure you are the one who actually places the order. By doing this an paying for the appraisal COD it will ensure you complete ownership of the appraisal.

Usually, if you switch mortgage companies, you will have to pay for another appraisal. Sometimes the new mortgage company can get the original appraiser to reassign the appraisal for a lower fee. Usually, however, they cannot.