You entered into a contract and agreed to a purchase price with the seller. You are applying for a mortgage, and the lender asks if you are ready to order the appraisal. What is the appraisal and why is it necessary? An appraisal is an independent opinion of value provided by a licensed appraiser. The...
Tag: appraisal
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WHAT IS INVOLVED IN THE LOAN PROCESS?
The closer you work with your loan originator, the quicker the loan will move through the process. What is involved in the process? Step One: Complete the loan application; Lenders require a fully completed application. This includes providing a 2 year residential and employment history. Lenders will email the Loan Estimate to you...
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APPRAISERS ARE LICENSED
You may get an appraisal and wonder how the appraiser arrived at that opinion, and is the appraiser qualified? Appraisers are licensed, and to be Certified, must have extensive experience and education. In Arizona, appraisers must have their fingerprints submitted for a criminal background check. If new, the appraiser starts out as a Trainee Appraiser....
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PROPERTY VALUATIONS CAN BE MISLEADING
An appraisal is typically required when applying for a mortgage. Many people will look to the price per square foot when valuing a home, however, this valuation could be misleading. If you are purchasing a home, the lender will base the loan amount off of the lesser of the sales price or the appraised value....
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APPRAISAL REPORT: AN OPINON OF VALUE
As you know, an appraisal provides an opinion of value of the property, but, did you also know the appraisal contains comments on the condition of the property? An appraiser will comment on the condition of the property based on what they see during their visit. They will not inspect the property like a property...
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WORKING WITH A LOAN ORIGINATOR
The closer you work with your loan originator, the quicker the loan will move through the process. What is involved in the process? Step One: Complete the loan application; Lenders require a fully completed application. This includes providing a 2 year residential and employment history. Lenders will email the Loan Estimate to you within 3...
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WHAT IF YOU DISAGREE WITH YOUR HOME APPRAISAL
What if you disagree with your home appraisal? Do you have to accept the appraiser’s findings without questioning them? You can question the appraisal; you can appeal the appraisal. The appeal process goes through the appraisal management company. You have to provide data in order to appeal. For example, if there are comparable sales (“comps”)...
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WHAT IF YOU DISAGREE WITH YOUR HOME APPRAISAL
What if you disagree with your home appraisal? Do you have to accept the appraiser’s findings without questioning them? You can question the appraisal; you can appeal the appraisal. The appeal process goes through the appraisal management company. You have to provide data in order to appeal. For example, if there are comparable sales (“comps”)...
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LOW RATE ADS
You’ve most likely heard on the radio lenders boasting they can get you approved in minutes or days by simply going to the website and clicking a button. Is that all it takes nowadays to get approved and to go to closing? Can you close the loan right after you are approved in mere minutes?...