When homeowners consider refinancing their mortgage, one crucial aspect of the process is obtaining an appraisal to determine the current value of their property. For condo owners, a common question arises: Can a condo appraisal be used for refinancing purposes?

In this blog, we will explore the answer to this question and provide new insights and advice on how condo appraisals can be utilized for refinancing. Understanding the possibilities and limitations of using a condo appraisal for refinancing can help homeowners make informed decisions and streamline the refinancing process.

  1. Determining the Market Value: A condo appraisal serves as a comprehensive evaluation of the property’s market value. This appraisal considers various factors such as location, size, amenities, condition, and recent comparable sales. When refinancing a condo, the lender typically requires an appraisal to ensure that the property’s value is sufficient to support the loan. The appraisal helps determine if the condo meets the lender’s loan-to-value ratio requirements for refinancing.
  2. Validity Period: It’s essential to note that condo appraisals have a validity period. Generally, appraisals are considered valid for a certain period, typically around 120 days, but this may vary depending on the lender and specific circumstances. If you’re considering refinancing, ensure that your condo appraisal is still within the lender’s acceptable timeframe. If not, you may need to obtain a new appraisal to reflect the current market conditions.
  3. Appraisal Transferability: In some cases, a condo appraisal may be transferable for refinancing purposes. If the original appraisal was recently conducted and is still within the lender’s validity period, some lenders may accept the existing appraisal when refinancing. However, it’s important to communicate with your lender to confirm their policies and requirements regarding appraisal transferability.
  4. Lender Requirements: Each lender may have specific requirements regarding appraisals for refinancing. Some lenders may only accept appraisals conducted by their approved appraisers or within their network. It’s crucial to consult with your lender early in the refinancing process to understand their appraisal requirements and ensure compliance. This will help avoid any surprises or delays during the refinancing process.
  5. Market Changes: Market conditions can fluctuate over time, which can impact property values. If there have been significant market changes since the original appraisal, lenders may require a new appraisal to reflect the current market conditions accurately. This ensures that the refinancing decision is based on the most up-to-date information and provides an accurate assessment of the condo’s value.
  6. Advantages of Using Existing Appraisal: If the original condo appraisal is still valid and meets the lender’s requirements, there can be advantages to using the existing appraisal for refinancing. It can help expedite the refinancing process by eliminating the need for a new appraisal, saving time and potentially reducing costs. Additionally, using the same appraisal can provide consistency in the valuation and may result in a smoother approval process.


While it is possible to use a condo appraisal for refinancing purposes, there are several factors to consider. The validity period of the appraisal, transferability, lender requirements, and market changes are all essential aspects to take into account. Homeowners should communicate with their lenders early in the refinancing process to understand specific requirements and determine if the existing appraisal can be utilized. By being proactive and informed, homeowners can streamline the refinancing process and make the most effective use of their condo appraisal.