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Mortgage glossary
Appraisal
An appraisal is an independent professional opinion of a property's value. It may include a property visit, a limited inspection, or another approved method. An appraisal is not a home inspection and does not guarantee the property's condition.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.