What is the difference between a refinance appraisal and a purchase appraisal?

Both follow the same USPAP standards and both estimate the property's value for the lender; the difference is the transaction. A purchase appraisal supports a home sale, while a refinance appraisal confirms the home's value as collateral for a new loan on a property you already own. Lenders may order exterior-only "drive-by" appraisals for some refinancing, and desktop appraisals collect data remotely with no visit. In either case, the borrower is entitled to a copy of the report no later than three days before closing.