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Why Buy?
The Buying Process
Working With A REALTOR
Loan Pre-Qualification
Finding a Home
Making An Offer
Understanding Mortgages
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Home Inspection
The Appraisal
The Survey
Title Insurance
Homeowner's Insurance
Property Taxes
Closing Successfully
Glossrar of Terms
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The Appraisal

An appraisal is a written report comparing the condition and features of a particular property with others of a similar nature. Its purpose is to produce a professional estimate of the market value of the property. Virtually every mortgage lender requires an appraisal performed by a licensed appraiser. The property must appraise for at least the amount of the purchase price, or the lender will not extend financing. When you apply for a mortgage, your loan officer will immediately want to see a copy of your signed purchase agreement, and then he/she will order an appraisal.

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F.C. Tucker on "Buying Your First Home"