An appraisal is the best way to estimate your property’s fair market value based on the location, condition and recent sales of similar homes in the surrounding area. Beyond an estimate of how much your property is worth, an appraisal also indicates the amount a lender will let you borrow for a property.
An appraisal directly affects the amount of mortgage you’re loaned because your lender gives you a home loan based on the appraisal’s estimate of the fair market value of the home. It keeps the lender from lending you too much money and keeps you from borrowing more than you need for a particular home.
To learn more about how an appraisal can affect you and your dream home, get in touch today!