What is an appraisal?
An appraisal is a professional opinion of the value of the home you are buying. Your lender will order the appraisal from an independent, licensed appraiser.
The appraisal is the most time-consuming step in the loan process. We will let you know the date by which we need to order your appraisal. Expect to pay a deposit equal to the anticipated cost when we order it.
Although the appraisal report technically belongs to your lender, we will provide a copy to you as soon as we receive it.
In addition to our glossary, we have a library of downloadable PDFs that cover appraisals, appraisal contingency, and other mortgage fundamentals.
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