Explore the Mortgage101 Library
Check Local Mortgage Rates
Today's Average
3.42%
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
An appraisal of real estate is the valuation of the rights of ownership. The appraiser must define the rights he intends to appraise. The appraiser does not create value, the appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must be given to the site and amenities as well as the physical condition of the property. An appraiser may spend only a short time inspecting the property, however, this is only the beginning.
Considerable research and collection of general and specific data must be accomplished before the appraiser can arrive at a final opinion of value.
Due to the many types of value, such as fair market value, insurance value, tax value and value in use, the need to precisely define the purpose of the appraisal is essential.
More Articles...
What Are Typical Mortgage Down Payments?
Alternatives to Getting a 2nd Mortgage
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Low Down Payment Loan Qualification
- FHA Eligibility with Bankruptcy and Foreclosure
- What Lenders Don't Reveal About Home Equity Loans
- 3 Warning Signs of Loan Modification Scams
- Second Mortgages: Advantages and Disadvantages
- 3 Reasons Banks Reject Short Sales
- Should You Refinance? Make Sure the Timing is Right
- 3 Common Short Sale Mistakes