What is an Appraisal

An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.

The price can depend on the type of home loan you are receiving:

   VA: $500

   FHA: $550-$600

   Conventional: $550-$650