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Mortgage process step #2

Appraisal Stage

Understanding residential real estate appraisals

The appraisal is a crucial element in the home buying process. It involves a third-party professional assessing the property's value, which aids in determining the loan amount.

In adherence to government regulations, appraisers selected for mortgage transactions on conforming loans are randomly chosen from a qualified pool. Neither the borrower nor the lender has the discretion to choose the appraiser who will evaluate the property.

Mortgage loan process

Step 1: Documentation

Step 2: Appraisal

Step 3: Underwriting

Step 4: Conditional Approval

Step 5: Clear To Close

Step 6: Closing

Feel free to contact us anytime with questions about your loan status or next steps.

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Appraisals 101

Essential components of an appraisal

  • The Evaluation Criteria: Site, encompassing location, view, topography, lot size, utilities, zoning, external influences, highest and best use, landscaping features, etc.
  • Architectural Design: Assessment of construction quality, finishing details, installed appliances, and distinctive attribute, etc.
  • Property Condition: Consideration of age, deterioration, renovations, upgrades, and additional amenities…
  • Health and Safety Standards: Evaluation of structural integrity and compliance with building codes…
  • Dimensions: Examination of both above-grade and below-grade improvements…
  • Community Environment: Comparison of the property to others in the neighborhood…
  • Practicality: Determination of whether the property serves its intended purpose in terms of style and functionality…
  • Parking Facilities: Assessment of available parking amenities such as garages, carports, and workshops.

Other Factors in Determining Value:

The appraiser readily observes curb appeal, lot dimensions, and alignment with the neighborhood standards upon arriving at your home in the neighborhood.

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