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Dec 6, 2022 · A home appraisal is an estimate of a property’s value by a licensed appraiser. Whether you’re buying, selling or refinancing a home, an appraisal is typically an important part of the process because the results can affect the borrower’s ability to receive a loan.
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A home appraisal is the process lenders require for a property under contract to ensure that the home value is equal to or more than the mortgage loan amount the homebuyer was approved for.
Jul 21, 2021 · During a home appraisal process, a licensed, independent real estate appraiser gathers information about the house and surrounding property to give an estimate of its current market value. Most often, appraisals are ordered by the mortgage lender who is financing the mortgage for the buyer.
Nov 1, 2023 · A home appraisal is a value analysis of your property from a certified or licensed appraiser hired by the lender during the home purchase or refinance process. The lender needs an accurate...
Apr 17, 2024 · NMLS #3030. What Is An Appraisal? A home appraisal is a process through which a real estate professional determines the fair market value of a property. Home appraisals are typically required when you take out a mortgage, whether to purchase or refinance a house.
Oct 6, 2022 · Homeowner Guide. How Do Real Estate Appraisals Work? What they are, why they’re useful, and what they mean for you. By. Hayley M. Abernathy. Updated on October 6, 2022. Reviewed by Lea D. Uradu. Fact checked by. Hans Jasperson. In This Article. What Is a Real Estate Appraisal? Appraisal vs. Inspection. Common Appraisal Methods.
