The homebuying process comes with a language all its own, and two of the terms you may have heard are prequalified and preapproved. While both can be essential parts of obtaining a mortgage and buying a home, you may not know what they mean. Check out the information below to learn how each term may benefit you during your home search.
Here’s What to Expect During the Appraisal Process
While many home buyers and sellers are familiar with the home inspection that occurs at the beginning of the contract period, they may be less familiar with another inspection that can have an even greater impact on the home sale: the appraisal. The home appraisal looks at the property, both individually and within the context of its market, to determine whether it is being sold at fair market value.