Module 5: Appraisal Documents

The appraisal is a critical part of the mortgage lending process. It is an independent assessment of the value of a property, conducted by a licensed or certified appraiser. The appraisal is used by the lender to determine the maximum amount of money that they are willing to lend on the property. It typically involves the appraiser visiting the property, inspecting it, and then comparing it to similar properties that have recently sold in the area. The appraiser will also consider the property's location, condition, and amenities when determining its value.