real estate

What are comparables?

 

What are comparables?

The Bankrate.com financial term of the day is: "Comparables, Or Comps"

Your home will keep up with the Joneses -- if they recently sold their house. Comparables, or comps, are similar properties near yours that have sold in the last few weeks or months. An appraiser will consider the prices those homes fetched when determining the fair market value of yours.

A bank will want to look at comparables, or comps, before granting you a mortgage to gauge whether it could recover its investment if you defaulted on your loan.

To find a great rate on a home loan, visit the Mortgages section at Bankrate.com.

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