Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
Division of

The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Appraisal


Synonyms:assessment, estimation, evaluation, measurement, rating, relative value, valuation
Filed Under: mortgages, real-estate
Tags: mortgage, realty
 

Definition of appraisal

appraisal
1. A market value estimate for a parcel of real estate that is made by a competent professional who is knowledgeable about local real estate prices and market trends.

Related Terms and Acronyms:

  • appraisal fee   What someone charges to deliver a professional opinion about how much a property is worth.
  • appraisal report   A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
  • appraised value   An educated opinion of how much a property is worth.
  • comparables   Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
  • competent   Legal ability to make decisions and enter into contracts.
  • current market value (CMV)   The estimated price determined by the recent sale of similar properties.
  • environmental impact statement (EIS)   A government-required evaluation of how construction will affect the environment surrounding a site.
  • inspection report   The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
  • monetary value   A property's monetary value is its worth if sold at this moment in time.
  • valuation   The estimation of a property's price value through an appraisal.

More Related Terms and Acronyms

Search the Glossary

Amazing Mortgage Calculator
Interested in how different interest rates can affect what kind of mortgage you can qualify for? Mix and match rates and terms with our totally awesome mortgage calculator to determine what type of mortgage loan is best for you.
Try our Amazing Mortgage Calculator
 
Mortgage Rates
Just a small difference in rates can save you tens of thousands of dollars on your mortgage, so now just imagine what an even bigger difference will do. Take advantage of our very low mortgage rates and apply today.
Mortgage Rates
 
Important Tip on Credit Card Debt
Credit card interest rates average at around 18.9 per cent. You, like many other Canadians, may have over ten thousand dollars charged to your credit card, but, if you only make the minimum required monthly payment of 2 per cent ($200 the first month) that $10,000 in credit card debt will ultimately take more than 57 years and cost around 40,000 dollars to fully pay off.

Using a home equity loan will allow you to eliminate the high interest credit card (and by eliminate we mean cut up) and consolidate the debt to a low interest rate mortgage payment.