Appraisal Before Loan Approval?

[Amir Kabiri]

Hi everyone,

I'm currently in escrow purchasing a turnkey property out-of-state. I'm still waiting on loan approval which could take another month. However, my loan officer has sent me a non-refundable form to order an appraisal ($550) on the property. Should I go ahead and pay to get this done now or wait until the loan has been approved? Also, I believe the appraisal company is owned by the lending company. Thank you!