Home Appraisal Accuracy

[Vincent Cappetta]

Hello all,

I have recently purchased my first home as my primary residence (plan to live there 5-10 years) and am currently going through the mortgage process now. The appraisal done by my bank came back at 25k over my purchase price of the home. In a general sense how accurate are appraisals and I would assume that I now have extra equity already in the home on top of the 20% down payment. Sorry if this is a bad question just new to this whole process. Thanks!