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Mortgage Process Step #2

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Appraisal Stage

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Understanding Residential

Real Estate Appraisals

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Understanding Residential Real Estate Appraisals

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A critical component to buying a home is the appraisal. An appraisal is a third-party professional evaluation of the value of a property that is used to help determine the amount of a loan.

In compliance with government regulation, appraisers hired for a mortgage transaction on a conforming loan are chosen from a pool of qualified appraisers at random. Neither the borrower nor lender have the flexibility of deciding which appraiser will inspect your home.

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Step 1: Documentation

Step 2: Appraisal

Step 3: Underwriting

Step 4: Conditional Approval

Step 5: Clear To Close

Step 6: Closing

Please feel free to contact us at any time if you have any questions about your loan status or next steps in the process.

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Other Factors in Determining Value:

Curb appeal, lot size, and conforming to the neighborhood are obvious to the appraiser when they drive down into the neighborhood and pull up in front of your home.

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Review the previous step in the mortgage process.

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Learn about the next step in the mortgage process.

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