Mortgage Conditions: Appraisal- What is an Appraisal?

Explore the importance of appraisals in the mortgage process. An appraisal is a professional’s opinion of a property’s value, required by lenders to ensure the purchase price aligns with market value. This helps prevent overpaying for a home. In refinancing, appraisals determine the correct loan-to-value ratio. Learn what happens if an appraisal comes in short and how it can affect the sales price or closing costs.

Key Takeaways:

• Explanation of appraisals and their purpose.
• Importance of appraisals in both purchasing and refinancing.
• Guidance on handling appraisals that come in short.

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