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Home Values & Property Appraisals.

 

A guide to understanding your homes value and mortgage appraisal options

The turbulent times in the housing market make applying for a mortgage and having your home appraised a key concern for many home owners. First you should expect that your lender will almost always want to do an appraisal on your property. They will most likely want to do an  interior/exterior appraisal which involves an appraiser coming into your home and measuring it. Beyond that the appraisers job is to review your home and try to find comparable properties that have sold similar to yours within a close proximity to your home. They will review things such as square footage, upgrades, style, age, property, etc. They will prefer to use comparable sales over the past 6-12 months and many lenders are now requiring a minimum of one comparable sale within the last 90 days. If you are applying for an agency loan, you should ask your lender if your home is eligible for a property inspection waiver, essentially utilizing a historical basis of homes for sale in your neighborhood. If you are doing a cash out refinance then you will always be required to do an interior/exterior appraisal.. In a down real estate market, you may need to do more than one appraisal to justify your homes value. One additional issue facing lenders today is when an appraiser indicates your home is in an area of declining homes, this could restrict your loan to value or cash out availability on a refinance. The most important thing a homeowner can do is up front research on comparable sales within their neighborhood and set a realistic expectation.

 

12-17-2007 ? LoanNetwork.com

 

 

 

 

home values and appraisals @ loannetwork.com

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