Refinance Appraisal - Whose Appraisal?

[Joseph Godio]

When refinancing, do banks typically require their own appraiser performs the appraisal or am I able to hire my own appraiser and use that appraisal to support the refinance loan?  Will investors obtain multiple appraisals and use the highest one, or is that usually not worth the extra cost of multiple appraisals?

Thanks in advance! 

[Jack Mawer]

As others have mentioned, banks will usually use their own and most lenders will require that the appraisal is ordered through an AMC (Appraisal Management Company). Like Galen mentioned, lenders do not like to see an interested party involved in ordering the report.