A home appraisal is a value analysis of a property from a certified or licensed appraiser hired by your lender during the application process. It ensures that the mortgage loan amount doesn’t exceed the value of the property and is in the required parameters for the mortgage type. Usually, the appraisal incudes an examination of the property’s physical and functional characteristics, a detailed comparison of the home to recent comparable nearby sales and an assessment of current market conditions affecting the property. The cost of the appraisal may or may not be covered by the lender.
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