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Home Appraisals Explained: 3 Things Every Homebuyer Should Know
Dated: August 14 2026
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3 Things to Know About Home Appraisals
Whether you’re buying or refinancing a house, you’ll need an appraisal before signing anything.
With an appraisal, your lender is looking to verify the current market value of the house. This serves two purposes: First, to make sure your home is worth what they’re lending you, and second, to assess the risk of that loan.
If you’re preparing to buy or refinance a home, make sure you know the basics of appraisals.
Q: Who does the appraisal?
A: Appraisals are done by licensed, third-party real estate appraisers. Though they do evaluate your property similarly, appraisers are not the same as inspectors, nor do they go into the same level of detail.
Q: What do appraisers look for?
A: During the process, the appraiser will look at the home’s condition, features, how well it’s been maintained, any renovations or additions and other physical factors. They also look at how it compares to other, similar homes in the neighborhood.
Q: How do appraisals work?
A: There are several ways appraisals can work. Often, the appraiser will do an actual physical walk-through of the property, but there are other options. They may do a “drive-by” appraisal, which essentially means they evaluate the home’s condition from the curb, or a desktop appraisal, which is fully data-based and done remotely. The method may depend on whether you’re buying or refinancing the home.
In some cases, your home might appraise for less than your mortgage amount. If you’re purchasing a home and this happens, you’ll need to renegotiate with the seller or come up with more money out of pocket. If you’re refinancing, it may mean not qualifying for the new loan.
Do you have questions about homebuying or homeownership? Get in touch today for expert help.
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Wael Georgey
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Updated on September 23, 2026 3:02 PM UTC
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