When applying for a mortgage, your lender may need to determine your property’s value. But did you know there are several ways to do this?

Here’s a quick breakdown of the four common appraisal types:

1. Automated Valuation Model (AVM)

Uses property data and market information to estimate your home’s value electronically, often within seconds.

2. Desktop Appraisal

An appraiser reviews available records, property photos and recent comparable sales without visiting your home.

3. Drive-By Appraisal

Combines property research with a brief exterior observation. The appraiser views the outside of your home but doesn’t enter it.

4. Full Appraisal

An appraiser visits the property to assess both the interior and exterior, considering its condition, features, renovations and comparable sales.

So, which type will you need?

That depends on your property, the purpose of your mortgage application, available market information and your lender’s requirements. Sometimes, a lender may request a more detailed appraisal if the initial valuation doesn’t provide enough information.