What role do appraisers play in the mortgage process?

Appraisers play a crucial role in the mortgage process by assessing the value of a property to establish a fair market price. Their evaluations are essential for lenders to determine the amount of money they are willing to lend to a borrower, as the property itself serves as collateral for the loan. By providing an objective and professional assessment of the property’s worth, appraisers help mitigate the lender's risk in the transaction. This valuation ensures that the loan amount aligns with the property's market value, protecting both the lender's and the borrower's interests.

In contrast, other roles mentioned—such as offering legal advice, finalizing loan agreements, or determining borrower eligibility—are not within the purview of appraisers. Legal advice is typically provided by lawyers or legal advisors, while loan agreements are finalized by mortgage brokers or lenders based on various criteria, including the appraisal. Additionally, borrower eligibility is determined through credit evaluations, income verification, and other financial assessments, not by appraisers. Therefore, option B accurately captures the appraiser's vital function within the mortgage process.