What You Should Know About the Appraisal Process

Mortgage lenders require an appraisal on your home before they’ll provide a loan for the simple reason that the property is the underlying asset that serves as collateral for the loan. While an appraisal requires additional time, it is not meant to complicate things. In fact, it can function as a consumer protection for a buyer. If your home doesn't appraise, it can mean a lower market value, you may not be able to refinance, or you may not be able to close the sale. Things are simple when you know what to do. Here's what you should know about the appraisal process.

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