Explore the Mortgage101 Library
Check Local Mortgage Rates
Today's Average
3.90%
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
There are many reasons to obtain an appraisal. The most common reason is for a real estate or mortgage transaction, but we have compiled a list of other reasons you may need to order an appraisal.
- To obtain a loan
- To lower your tax burden
- To establish the replacement cost for insurance
- To contest high property taxes
- To settle an estate
- To help you make one of the largest financial decisions in your life
- To provide a negotiating tool when purchasing real estate
- To determine a reasonable price when selling real estate
- To protect your rights in a condemnation case
- To allow you to obtain a qualified appraisal report
- To satisfy a government agency requirement such as the IRS
- To use in a lawsuit
More Articles...
What Are Typical Mortgage Down Payments?
Low Down Payment Loan Qualification
- Should You Refinance? Make Sure the Timing is Right
- 3 Common Short Sale Mistakes
- Second Mortgages: Advantages and Disadvantages
- 3 Factors that Can Negatively Affect Your Mortgage Application
- What To Do When Mortgages Default
- FHA Eligibility with Bankruptcy and Foreclosure
- Appraisal Basics
- 3 Reasons Banks Reject Short Sales
- 3 Warning Signs of Loan Modification Scams