Appraisals

When purchasing a home, typically an appraisal is required.  The reason an appraisal is done is to determine if the property meets lending standards, in addition as to how much money a client can borrow for a home.

An appraisal has to be ordered by the appraisal department of the lending institution, which your loan officer can request for you.

It usually takes approximately 1-2 weeks to complete the appraisal, which includes a home inspection, comparing similar homes, and submitting the report to your lender.  This report helps lenders evaluate risk and helps in making a lending decision.

Please contact your loan officer if you have any questions about the appraisal process and for more detailed information!

 

 

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