Appraisals are very commonly required by lenders. First time home buyers often ask us what is an appraisal and why do I need one? An appraisal ensures you aren’t overpaying for the property and protects the lender from over-lending. While many mortgage loans still require an appraisal, there are a few instances where one might be waived. For more information on how to navigate a low appraisal, see our Appraisal Under Asking blog.