What does "Appraisal" mean?

The appraisal is not the last step before closing; it is typically completed after the home inspection but before the closing process. It ensures the home’s market value meets or exceeds the loan amount. Other steps, such as finalizing loan documents and conducting a title search, occur after the appraisal.

Yes, a mortgage typically requires an appraisal. Lenders need an appraisal to confirm the home's market value and ensure the loan amount does not exceed this value.

Yes, appraisers go inside the house. They inspect the interior and exterior to assess the condition, size, and features of the property, which helps determine its market value.