Finance
A Florida lender requires a property to be appraised before making a mortgage loan primarily to:
ADetermine the seller's profit
BEstablish that the property value supports the loan amount✓ Correct
CCalculate the closing costs
DVerify the buyer's income
Explanation
Lenders require appraisals to confirm that the property value is sufficient to support the loan amount, protecting the lender's security interest. If the appraisal comes in below the purchase price, the lender will only loan based on the appraised value.
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