Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Definitions of Loan Jargon and other Personal Loans topics.
An appraisal is an estimate of what your property
is valued at. It may be prepared by either a state
licensed appraiser or by bank personnel.
Unless otherwise agreed, you will be responsbile for
the cost of the appraisal. Your loan officer will
use this to calculate loan to value ratios.
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