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Mortgage glossary
Comparable Sales (Comps)
Recently sold properties that are similar to the property being valued. An appraiser may compare location, size, condition, features, and sale date. Adjustments may be made when the properties are not exactly alike.
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.