A home appraisal is a key step in the mortgage process, helping lenders determine a property’s fair market value before approving financing. Whether you’re buying, refinancing, or selling, an appraisal ensures the home’s value aligns with the loan amount requested.

Here’s how it works: A licensed appraiser conducts a detailed evaluation of the home, considering factors like location, size, condition, upgrades, and recent comparable sales in the area. The appraiser will walk through the home, take measurements, and note any features or deficiencies that could impact its value.

Why does this matter? Lenders use the appraised value to confirm that the property is worth the investment. If the appraisal comes in lower than expected, it can affect how much financing you qualify for — or even lead to renegotiations with the seller.

To help the process go smoothly, make sure your home is clean, accessible, and any recent upgrades are documented.

Remember, the appraisal isn’t just for the lender — it also protects you from overpaying for a home.

Have questions about appraisals or how they affect your mortgage? Our team is here to guide you through every step.

– Michele McGarvey Team, Dominion Lending Centres