Step 7: Home Appraisal
The appraisal protects both you and the lender by confirming the property is worth at least the purchase price. A licensed appraiser performs a physical inspection of the home, comparing it to recent sales of similar homes (comparables) in the area. If the appraised value comes in below the purchase price, you may need to renegotiate with the seller, make up the difference in cash, or dispute the appraisal. Conventional loans typically require an appraisal; some FHA and VA loans accept appraisal waivers in limited circumstances.
Key Takeaways
- ✓ You pay the appraisal fee upfront—typically $400–$700 depending on property type.
- ✓ A low appraisal does not automatically kill the deal; you have options to proceed.
- ✓ Appraisers are selected independently by the lender; you cannot choose your own appraiser.
- ✓ VA appraisals include a Minimum Property Requirements (MPR) inspection component.
What Happens During Home Appraisal
Detailed content for this step is coming soon. Check back for in-depth guidance on home appraisal, including common questions, timelines, and tips from our licensed mortgage advisors.
What You'll Need
- ■ Appraisal fee payment (charged at time of order)
- ■ Access to the property for the appraiser (coordinate with seller or listing agent)
- ■ Any documentation of upgrades or renovations (to assist the appraiser)