Definition
Appraisal
An independent opinion of a property’s market value, prepared by a licensed appraiser and required by nearly every lender.
Nearby terms
Amortization
The schedule by which a loan is repaid to zero over its term using level payments, with the interest and principal split shifting each month.
Annual Percentage Rate
The interest rate plus certain finance charges expressed as a single annualised percentage.
Appraisal Contingency
A contract clause allowing the buyer to renegotiate or withdraw if the property appraises below the contract price.
Appraisal Gap
The difference between contract price and appraised value.
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