Pulling Back the Curtain on Mortgage Appraisals

Congratulations, you have found your dream home! You and your realtor have worked out all the details with the seller and have finally agreed to the purchase price. Now what?

The Mortgage Expert you are working with will begin the application process by walking you through all of the required disclosures and loan paperwork needed to execute your mortgage. Early in the loan process, your Mortgage Expert will order an appraisal from a licensed or certified appraiser to determine the market value of the home. The value is important because it helps ensure you are receiving a fair sales price and are not being asked to pay more than the home is worth.

An appraiser will use a variety of factors to determine a home’s value. These will include square footage, number of rooms, location, condition and age compared to similar properties that have recently sold in the area. Once your appraisal is complete, you are entitled to a copy and should carefully review it with your realtor to ensure the information is accurate. With the appraisal in hand, your Mortgage Expert is now in a position to discuss your mortgage options with you in detail.