Buying a high-value home with a jumbo loan, step by step
Second appraisals
In brief
Because jumbo loans are held or sold under lender and investor rules, some lenders require a second appraisal above a set loan size or when the first report raises questions. The lender usually uses the lower value. Plan for extra time and cost, and ask about the policy before you apply.
Last reviewed against the primary sources listed below.
Ask early
- Does this loan size trigger a second appraisal?
- Who pays for it?
- Which value will be used?
Buyer questions
Why would a lender order two appraisals?
For large loans or when the first report raises questions.
Which appraisal value is used?
Usually the lower of the two.