Before taking out a mortgage, the lender will want the value of the property verified by an outside source. This verification process is called a mortgage valuation. You have to pay for the valuation, which means taking a quick look at the property and checking to see if the prices match up on comparable properties in the area. The amount the lender will be willing to let you borrow can be impacted by the valuation. This is different to a survey, because it is mostly a cursory examination of the value of the property itself.