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FDIC CONSUMER NEWS | JUNE 5, 2023 |
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FDIC CONSUMER NEWS - JUNE 2023 EDITION
Understanding Appraisals and Why They Matter
Property appraisals and the potential impact to your finances
Whether you are buying a new home, refinancing your existing home loan, or selling your home, it is important to understand how an appraisal is used to assess the value for the property. A lender uses an appraisal not only to assess the value of the property, but also to determine such things as your interest rate, required down payment, and whether you will be approved for the loan. This article provides important information you should know about the home loan process, the role of an appraisal in determining the value of your property, and what you can do if you believe an appraisal is not accurate.
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