While they're generally called bank valuations, banks usually use an independent valuer, rather than making the estimate themselves. That's because they want an unbiased and independent estimate of the market value of the property.

Do mortgage companies always do a valuation?

Whichever method they use, a lender will always use a surveyor's professional opinion on the value of the property to make its final decision on what size of loan it will offer you.

Why does the bank need a valuation?

A bank valuation helps determine how much we can lend you. Learn more. When you're buying a home or refinancing your loan, we'll often need to get a bank valuation. We need to know that we're lending you the money responsibly.