10/03/2023
What is a home appraisal?
An appraisal is an estimate of the value of a property made by a qualified professional.
When you are buying a property, an appraisal will help your mortgage lender justify the investment of letting you borrow money to buy the home, since the property you are purchasing serves as the collateral for the loan.
It also protects you from overpaying. Your lender will generally hire the appraiser and will charge you as the buyer a fee for the service.
