Buying a Home
Home inspection vs. appraisal
Short answer
A home inspection generally evaluates property condition for the buyer, while an appraisal supports a lender's collateral analysis and is not a substitute for an inspection.
Detailed explanation
A home inspection generally evaluates property condition for the buyer, while an appraisal supports a lender's collateral analysis and is not a substitute for an inspection.
A purchase mortgage moves through planning, application, verification, underwriting, required disclosures, and closing. The exact order and documentation can vary by property, program, lender, and jurisdiction.
What this means for you
Understand the purpose and limits of each service. An appraisal does not guarantee property condition, future value, or that the purchase price is appropriate for you.
Important limitations and exceptions
- Availability, eligibility, pricing, documentation, and state coverage vary. This article is general education and is not an approval, rate quote, Loan Estimate, commitment to lend, or recommendation for a specific consumer.
Primary references
Educational-information disclaimer
This article provides general mortgage education. It is not legal, tax, investment, or financial-planning advice; an approval or credit decision; a commitment to lend; a rate lock; a Loan Estimate; or a recommendation for your specific circumstances. Consult the appropriate licensed or independent professional for transaction-specific guidance.