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Home Buying Terminology -- What s An Appraisal?
Chances are, you already have a general idea what this term means. But when it comes to mortgages and home buying, you need to know exactly what an appraisal involves and how it affects you.
First, a definition:
Appraisal -- A professional appraiserÂ's estimate of the market value of a property. Appraisals take into account the local market conditions and the characteristics of a property. They are required by most lenders.
In other words, the appraisal is the lenderÂ's way of determining a realistic market value of your future home. The lender uses the appraisal to ensure that the home is actually worth the price youÂ've agreed to pay.
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