What is an Appraisal?
As part of your mortgage loan application, you’ll pay for
your lender to order an appraisal on the house that you are
buying. Appraisals typically run between $200 and $400.
Lenders won’t approve and fund your loan until they
establish that the home you are buying is worth the loan
amount you are requesting.
An appraisal is an objective, third-party estimate of the
current market value of a home, made by a person who has
sufficient knowledge and experience to accurately estimate
its value. Appraisers use comparable sales and listing data,
as well as information about the home being appraised, its
neighborhood, community, region and the local and national
economy to support their value estimates.
Once the appraisal is complete, be sure to ask your lender
for a copy of it. By law you are entitled to a copy of the
appraisal.
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