An initial statement of personal and financial information which is required to approve your loan. Application Fee Fees that are paid upon application. Charges for property appraisal and a credit report are usually included in the application fee. Appraisal An opinion by a licensed appraiser of the fair market value of a property. An expert judgment or estimate of the quality or value of real estate, made by an appraiser, as of a given date.
Most states require licenses for appraisers.
Various lenders have their own lists of approved appraisers. The charge for estimating the value of property offered as security. An opinion of the value of a property at a given time, based on facts regarding the location, improvements, etc., of the property and surroundings. Appreciation An increase in value or worth of property. Opposite of depreciation.