What is an appraisal?
The Bankrate.com financial term of the day is: "appraisal."
You've heard them say that home ownership is the American dream? Well, what's your piece of that dream worth? An appraisal can tell you. It's an estimate of a property's market value. There are two types of appraisals. A mass appraisal attaches values to all properties in a community -- for tax purposes. You wouldn't want this kind of appraisal to be too high. A fee appraisal looks at one specific property and typically compares it to others in the area. If you're selling, you wouldn't want this kind of appraisal to be too low.
Your home may be your biggest investment. What's it worth? An appraisal can tell you.
To find a great rate on a home loan, visit the Mortgage section at Bankrate.com.
If you're purchasing or refinancing, it may be a great time to lock in a rate.
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