Real Estate Partners

🏡 Real Estate Term to Know: Appraisal.

An appraisal is a home value estimate ordered by your lender to ensure that the price of the property aligns with its worth. Here’s why it matters:

If the appraisal results in a low value, your loan may be denied or require renegotiation.

Understanding the terms of an appraisal can help you make informed decisions and buy with confidence. If you have any questions, feel free to ask below ⬇️

How much house can you afford? Use the 25% Rule. Spend no more than 25% of your gross monthly income on your mortgage 💡

👉 Try this:
Gross monthly income × 0.25 = Max monthly mortgage payment

This quick formula gives you a solid estimate of what price range you should be shopping in. 🏡