The appraisal report gives a detailed description of the property. The information on the appraisal report is used to estimate the market value of a home. An appraiser examines the interior and exterior of the home to approximate its value. Appraisal reports include the values of recently sold comparable properties in the area, photos and the value of improvements made after the home was built. The most common form used for appraisal reports is the Uniform Residential Appraisal Report. Appraisal reports are completed by qualified appraisers, who are generally chosen by the lender. Borrowers usually pay for the appraisal report at the closing and are entitled to a copy of the report. Because a home is the collateral for a mortgage loan, a lender will not offer a mortgage for more than the value of the property.