What is an Appraisal
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) 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" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
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Disclaimer
Terms, conditions & restrictions apply. Subject to underwriting approval. Application required; not all applicants will be approved. Property insurance and other documentation may be required. Loan secured by a lien against your property. Consolidating or refinancing debts may increase the time and/or the finance charges/total loan amount needed to repay your debt. Fees and charges may apply, and may vary by product and state. Taxes & insurance extra. Appraisal and other fees paid outside of closing (POC) are non-refundable. Important information relating specifically to your loan will be contained in the loan documents, which alone will establish your rights and obligations under the loan plan. Call for details.
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