Key takeaways

A home appraisal is a critical tool used by home lenders during mortgage or refinance underwriting.

It requires hiring an objective professional who evaluates a home to determine its value.

Appraisers take many factors into consideration, including the home’s age, size, condition and location.

Home appraisals are a critical part of the home-lending process, both for purchase mortgages and refinances . Here, we delve into exactly what an appraisal is, how it works and how it can impact your home loan.

What is a home appraisal?

A home appraisal is an objective, professional assessment done by a licensed appraiser to determine how much a property is worth .

A mortgage lender will require one to determine the value of the home — and whether the sale price is in line with its market value.…