Likewise, when a homeowner is refinancing their mortgage, the lender will have the home appraised to confirm its market value before extending a new loan. Since the home serves as the borrower’s collateral, the accuracy of the appraisal matters significantly. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth. When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. What is a home appraisal?Ī home appraisal is an objective, professional assessment to determine how much a home or property is worth. Here we delve into what an appraisal is, why it’s necessary and how it can impact your home loan. If your home appraisal comes in lower than expected, it can cost you money and delay - or even derail - the entire transaction. Home lenders commonly order appraisals during mortgage or refinance underwriting.Īppraisers take many factors into consideration, including the home's age, size, condition and location.Īn appraisal is a critical part of the homebuying process. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.Ī home appraisal involves an objective professional evaluating a home to determine its value. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.Įditorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions. Our editorial team does not receive direct compensation from our advertisers.īankrate’s editorial team writes on behalf of YOU - the reader. We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. We do not include the universe of companies or financial offers that may be available to you.īankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. But this compensation does not influence the information we publish, or the reviews that you see on this site. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. The offers that appear on this site are from companies that compensate us. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.īankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. We are an independent, advertising-supported comparison service.
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