What is an appraisal?
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Appraisal is a document that gives an estimate of a property's fair market value. An appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The appraisal is performed by an "appraiser" who is typically a state-licensed individual trained to render expert opinions concerning property values. In an appraisal, consideration is given to the property, its location, amenities as well as its physical conditions. |
Common Home Loan QuestionsWhat are points? Should I pay points to reduce my rate? What is an APR? Should I lock in my interest rate? How is my credit score used? How can I improve my credit score? What is an appraisal? What is PMI? What happens at closing? |
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