Appraisal
Real estateGlossary term
Definition
A professional evaluation of a property's market value, typically required by lenders before approving a mortgage. Based on factors like location, condition, and comparable sales.
Related terms
- MortgageA loan used to purchase real estate where the property serves as collateral. The borrower makes regular payments over a set term (typically 15-30 years) until the loan is paid off.
- Home EquityThe portion of your home that you truly own, calculated as the property's market value minus what you owe on your mortgage. Builds over time through mortgage payments and property appreciation.
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