A mortgage appraisal is an evaluation of a property's value done by a professional appraiser. It helps banks or lenders determine how much they can lend to a borrower for a mortgage loan based on the property's estimated worth. Full definition
This information can be used for figuring out the highest and best use, which serves as critical data in the home mortgage appraisal process. (springshomes.com)
Before you buy a house or get a new mortgage an appraisal of the property may be required. (mortgagebrokerstore.com)
The difference between the two is that a commercial loan appraisal can take up to 30 days longer than a traditional mortgage appraisal. (mortgagecalculator.biz)